Detailed Single Year Tables
Description of Proposed Provision:
E1.2: Increase the payroll tax rate (currently 12.4 percent) to 15.4 percent in 2032-2061, and to 18.4 percent in years 2062 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 | 12.92 | -1.31 | 229 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.40 | 12.94 | -1.46 | 213 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.59 | 12.97 | -1.62 | 197 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 14.79 | 12.99 | -1.80 | 180 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 14.99 | 13.11 | -1.88 | 163 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.19 | 13.13 | -2.06 | 147 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.43 | 13.17 | -2.26 | 130 | 0.00 | 0.00 | 0.00 | ||
| 2029 | 15.63 | 13.19 | -2.44 | 114 | 0.00 | 0.00 | 0.00 | ||
| 2030 | 15.81 | 13.20 | -2.60 | 97 | 0.00 | 0.00 | 0.00 | ||
| 2031 | 15.97 | 13.22 | -2.75 | 80 | 0.00 | 0.00 | 0.00 | ||
| 2032 | 16.11 | 15.93 | -0.17 | 63 | 0.00 | 2.71 | 2.71 | ||
| 2033 | 16.23 | 16.06 | -0.16 | 62 | -0.00 | 2.83 | 2.83 | ||
| 2034 | 16.32 | 16.07 | -0.25 | 62 | -0.01 | 2.83 | 2.83 | ||
| 2035 | 16.39 | 16.08 | -0.31 | 61 | -0.01 | 2.83 | 2.83 | ||
| 2036 | 16.45 | 16.08 | -0.37 | 59 | -0.01 | 2.83 | 2.83 | ||
| 2037 | 16.51 | 16.09 | -0.42 | 57 | -0.01 | 2.83 | 2.83 | ||
| 2038 | 16.56 | 16.09 | -0.46 | 55 | -0.01 | 2.83 | 2.84 | ||
| 2039 | 16.59 | 16.10 | -0.50 | 53 | -0.01 | 2.83 | 2.84 | ||
| 2040 | 16.61 | 16.10 | -0.50 | 51 | -0.01 | 2.83 | 2.84 | ||
| 2041 | 16.60 | 16.10 | -0.50 | 49 | -0.01 | 2.83 | 2.84 | ||
| 2042 | 16.58 | 16.10 | -0.48 | 46 | -0.01 | 2.83 | 2.84 | ||
| 2043 | 16.54 | 16.10 | -0.44 | 44 | -0.01 | 2.83 | 2.84 | ||
| 2044 | 16.51 | 16.10 | -0.41 | 42 | -0.01 | 2.83 | 2.84 | ||
| 2045 | 16.47 | 16.10 | -0.37 | 40 | -0.02 | 2.83 | 2.85 | ||
| 2046 | 16.43 | 16.10 | -0.33 | 38 | -0.02 | 2.83 | 2.85 | ||
| 2047 | 16.41 | 16.10 | -0.31 | 37 | -0.02 | 2.83 | 2.85 | ||
| 2048 | 16.38 | 16.10 | -0.28 | 35 | -0.02 | 2.83 | 2.85 | ||
| 2049 | 16.36 | 16.10 | -0.26 | 34 | -0.02 | 2.83 | 2.86 | ||
| 2050 | 16.34 | 16.10 | -0.24 | 33 | -0.03 | 2.83 | 2.86 | ||
| 2051 | 16.33 | 16.10 | -0.23 | 32 | -0.03 | 2.83 | 2.86 | ||
| 2052 | 16.33 | 16.10 | -0.23 | 31 | -0.03 | 2.83 | 2.86 | ||
| 2053 | 16.34 | 16.11 | -0.23 | 30 | -0.03 | 2.83 | 2.87 | ||
| 2054 | 16.35 | 16.11 | -0.24 | 29 | -0.04 | 2.83 | 2.87 | ||
| 2055 | 16.37 | 16.11 | -0.26 | 28 | -0.04 | 2.83 | 2.87 | ||
| 2056 | 16.40 | 16.12 | -0.29 | 27 | -0.04 | 2.83 | 2.87 | ||
| 2057 | 16.44 | 16.12 | -0.32 | 25 | -0.04 | 2.83 | 2.88 | ||
| 2058 | 16.48 | 16.12 | -0.36 | 23 | -0.05 | 2.84 | 2.88 | ||
| 2059 | 16.53 | 16.13 | -0.40 | 22 | -0.05 | 2.84 | 2.88 | ||
| 2060 | 16.58 | 16.13 | -0.44 | 19 | -0.05 | 2.84 | 2.89 | ||
| 2061 | 16.63 | 16.14 | -0.49 | 17 | -0.05 | 2.84 | 2.89 | ||
| 2062 | 16.68 | 18.78 | 2.11 | 14 | -0.06 | 5.48 | 5.54 | ||
| 2063 | 16.73 | 18.90 | 2.18 | 27 | -0.06 | 5.60 | 5.66 | ||
| 2064 | 16.78 | 18.91 | 2.13 | 40 | -0.07 | 5.60 | 5.66 | ||
| 2065 | 16.83 | 18.92 | 2.09 | 53 | -0.07 | 5.60 | 5.67 | ||
| 2066 | 16.88 | 18.92 | 2.04 | 66 | -0.07 | 5.60 | 5.67 | ||
| 2067 | 16.94 | 18.93 | 1.99 | 78 | -0.08 | 5.60 | 5.68 | ||
| 2068 | 16.99 | 18.93 | 1.94 | 90 | -0.08 | 5.60 | 5.68 | ||
| 2069 | 17.05 | 18.94 | 1.89 | 102 | -0.08 | 5.60 | 5.69 | ||
| 2070 | 17.11 | 18.94 | 1.83 | 114 | -0.09 | 5.61 | 5.69 | ||
| 2071 | 17.16 | 18.95 | 1.79 | 125 | -0.09 | 5.61 | 5.70 | ||
| 2072 | 17.21 | 18.95 | 1.75 | 136 | -0.09 | 5.61 | 5.70 | ||
| 2073 | 17.25 | 18.96 | 1.71 | 147 | -0.10 | 5.61 | 5.71 | ||
| 2074 | 17.29 | 18.96 | 1.67 | 158 | -0.10 | 5.61 | 5.71 | ||
| 2075 | 17.32 | 18.97 | 1.64 | 168 | -0.11 | 5.61 | 5.72 | ||
| 2076 | 17.35 | 18.97 | 1.62 | 179 | -0.11 | 5.61 | 5.72 | ||
| 2077 | 17.36 | 18.98 | 1.61 | 190 | -0.11 | 5.62 | 5.73 | ||
| 2078 | 17.37 | 18.98 | 1.61 | 201 | -0.12 | 5.62 | 5.73 | ||
| 2079 | 17.36 | 18.98 | 1.62 | 212 | -0.12 | 5.62 | 5.74 | ||
| 2080 | 17.34 | 18.98 | 1.64 | 223 | -0.12 | 5.62 | 5.74 | ||
| 2081 | 17.32 | 18.98 | 1.66 | 235 | -0.12 | 5.62 | 5.75 | ||
| 2082 | 17.30 | 18.98 | 1.69 | 247 | -0.13 | 5.63 | 5.75 | ||
| 2083 | 17.27 | 18.98 | 1.71 | 259 | -0.13 | 5.63 | 5.76 | ||
| 2084 | 17.24 | 18.98 | 1.74 | 271 | -0.13 | 5.63 | 5.76 | ||
| 2085 | 17.22 | 18.99 | 1.77 | 284 | -0.14 | 5.63 | 5.77 | ||
| 2086 | 17.20 | 18.99 | 1.79 | 297 | -0.14 | 5.63 | 5.77 | ||
| 2087 | 17.19 | 18.99 | 1.80 | 310 | -0.14 | 5.63 | 5.78 | ||
| 2088 | 17.18 | 18.99 | 1.81 | 323 | -0.14 | 5.64 | 5.78 | ||
| 2089 | 17.19 | 18.99 | 1.80 | 337 | -0.15 | 5.64 | 5.78 | ||
| 2090 | 17.21 | 18.99 | 1.79 | 350 | -0.15 | 5.64 | 5.79 | ||
| 2091 | 17.24 | 19.00 | 1.76 | 362 | -0.15 | 5.64 | 5.79 | ||
| 2092 | 17.27 | 19.00 | 1.73 | 375 | -0.15 | 5.64 | 5.80 | ||
| 2093 | 17.32 | 19.01 | 1.69 | 387 | -0.16 | 5.65 | 5.80 | ||
| 2094 | 17.36 | 19.01 | 1.65 | 400 | -0.16 | 5.65 | 5.81 | ||
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 | 16.55% | 17.06% | 0.52% | N/A | -0.05% | 3.25% | 3.30% | ||
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.