Detailed Single Year Tables
Description of Proposed Provision:
E1.8: Increase the payroll tax rate (currently 12.4 percent) by 0.1 percentage point each year from 2022-2027, until the rate reaches 13.0 percent for 2027 and later.
Financial Estimates for the OASDI Trust Fund Program
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Expressed as a percentage of current-law taxable payroll |
Trust fund ratio as of January 1 |
Expressed as a percentage of current-law taxable payroll |
|||||||
|
Calendar year |
Cost rate |
Income rate |
Annual balance |
Cost rate |
Income rate |
Annual balance |
|||
| 2019 | 13.91 | 12.85 | -1.06 | 273 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 13.94 | 12.87 | -1.07 | 260 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.09 | 12.90 | -1.19 | 245 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.23 | 13.01 | -1.22 | 229 | 0.00 | 0.09 | 0.09 | ||
| 2023 | 14.40 | 13.13 | -1.27 | 214 | -0.00 | 0.19 | 0.19 | ||
| 2024 | 14.59 | 13.25 | -1.33 | 199 | -0.00 | 0.28 | 0.28 | ||
| 2025 | 14.78 | 13.36 | -1.42 | 184 | -0.00 | 0.38 | 0.38 | ||
| 2026 | 14.99 | 13.58 | -1.40 | 169 | -0.00 | 0.47 | 0.47 | ||
| 2027 | 15.19 | 13.70 | -1.49 | 156 | -0.00 | 0.57 | 0.57 | ||
| 2028 | 15.43 | 13.75 | -1.68 | 143 | -0.00 | 0.57 | 0.57 | ||
| 2029 | 15.62 | 13.76 | -1.86 | 129 | -0.00 | 0.57 | 0.57 | ||
| 2030 | 15.80 | 13.78 | -2.03 | 116 | -0.00 | 0.57 | 0.57 | ||
| 2031 | 15.96 | 13.79 | -2.18 | 103 | -0.00 | 0.57 | 0.57 | ||
| 2032 | 16.11 | 13.80 | -2.31 | 89 | -0.00 | 0.57 | 0.57 | ||
| 2033 | 16.23 | 13.81 | -2.42 | 75 | -0.00 | 0.57 | 0.57 | ||
| 2034 | 16.32 | 13.82 | -2.51 | 61 | -0.00 | 0.57 | 0.58 | ||
| 2035 | 16.40 | 13.82 | -2.57 | 46 | -0.00 | 0.57 | 0.58 | ||
| 2036 | 16.46 | 13.83 | -2.63 | 31 | -0.00 | 0.57 | 0.58 | ||
| 2037 | 16.51 | 13.84 | -2.68 | 16 | -0.00 | 0.57 | 0.58 | ||
| 2038 | 16.56 | 13.84 | -2.72 | 0 | -0.00 | 0.57 | 0.58 | ||
| 2039 | 16.60 | 13.84 | -2.75 | ---- | -0.00 | 0.57 | 0.58 | ||
| 2040 | 16.61 | 13.85 | -2.76 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2041 | 16.61 | 13.85 | -2.76 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2042 | 16.58 | 13.85 | -2.74 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2043 | 16.55 | 13.85 | -2.71 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2044 | 16.51 | 13.84 | -2.67 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2045 | 16.48 | 13.84 | -2.64 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2046 | 16.44 | 13.84 | -2.60 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2047 | 16.42 | 13.84 | -2.57 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2048 | 16.40 | 13.84 | -2.55 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2049 | 16.37 | 13.84 | -2.53 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2050 | 16.36 | 13.84 | -2.51 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2051 | 16.35 | 13.84 | -2.51 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2052 | 16.35 | 13.85 | -2.51 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2053 | 16.36 | 13.85 | -2.51 | ---- | -0.01 | 0.57 | 0.59 | ||
| 2054 | 16.37 | 13.85 | -2.52 | ---- | -0.01 | 0.57 | 0.59 | ||
| 2055 | 16.40 | 13.85 | -2.55 | ---- | -0.01 | 0.57 | 0.59 | ||
| 2056 | 16.43 | 13.85 | -2.57 | ---- | -0.01 | 0.57 | 0.59 | ||
| 2057 | 16.47 | 13.86 | -2.61 | ---- | -0.01 | 0.57 | 0.59 | ||
| 2058 | 16.51 | 13.86 | -2.65 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2059 | 16.56 | 13.87 | -2.69 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2060 | 16.61 | 13.87 | -2.74 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2061 | 16.66 | 13.87 | -2.79 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2062 | 16.72 | 13.88 | -2.84 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2063 | 16.77 | 13.88 | -2.89 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2064 | 16.82 | 13.89 | -2.94 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2065 | 16.88 | 13.89 | -2.99 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2066 | 16.93 | 13.90 | -3.04 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2067 | 16.99 | 13.90 | -3.09 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2068 | 17.05 | 13.90 | -3.15 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2069 | 17.11 | 13.91 | -3.20 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2070 | 17.17 | 13.91 | -3.26 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2071 | 17.23 | 13.92 | -3.31 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2072 | 17.28 | 13.92 | -3.36 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2073 | 17.32 | 13.92 | -3.40 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2074 | 17.37 | 13.93 | -3.44 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2075 | 17.41 | 13.93 | -3.48 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2076 | 17.43 | 13.93 | -3.50 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2077 | 17.45 | 13.94 | -3.52 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2078 | 17.46 | 13.94 | -3.52 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2079 | 17.45 | 13.94 | -3.52 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2080 | 17.44 | 13.94 | -3.50 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2081 | 17.42 | 13.94 | -3.48 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2082 | 17.40 | 13.93 | -3.46 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2083 | 17.38 | 13.93 | -3.44 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2084 | 17.35 | 13.93 | -3.42 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2085 | 17.33 | 13.93 | -3.40 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2086 | 17.31 | 13.93 | -3.38 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2087 | 17.30 | 13.93 | -3.37 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2088 | 17.30 | 13.93 | -3.37 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2089 | 17.31 | 13.93 | -3.38 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2090 | 17.33 | 13.93 | -3.40 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2091 | 17.36 | 13.93 | -3.43 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2092 | 17.40 | 13.94 | -3.47 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2093 | 17.45 | 13.94 | -3.51 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2094 | 17.50 | 13.94 | -3.56 | ---- | -0.02 | 0.58 | 0.60 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2019-2093 | 16.58% | 14.34% | -2.25% | 2038 | -0.01% | 0.53% | 0.54% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2019 Trustees Report.