Detailed Single Year Tables
Description of Proposed Provision:
E1.1: Increase the payroll tax rate (currently 12.4 percent) to 15.8 percent in 2021 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 |
|||
| 2020 | 13.92 | 13.00 | -0.92 | 261 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.05 | 15.99 | 1.94 | 248 | 0.00 | 3.09 | 3.09 | ||
| 2022 | 14.24 | 16.12 | 1.88 | 254 | -0.01 | 3.20 | 3.20 | ||
| 2023 | 14.43 | 16.14 | 1.71 | 259 | -0.01 | 3.19 | 3.20 | ||
| 2024 | 14.64 | 16.17 | 1.54 | 262 | -0.01 | 3.20 | 3.20 | ||
| 2025 | 14.87 | 16.19 | 1.32 | 264 | -0.01 | 3.20 | 3.20 | ||
| 2026 | 15.10 | 16.32 | 1.21 | 264 | -0.01 | 3.19 | 3.20 | ||
| 2027 | 15.34 | 16.34 | 1.00 | 264 | -0.01 | 3.19 | 3.20 | ||
| 2028 | 15.57 | 16.38 | 0.81 | 263 | -0.01 | 3.19 | 3.20 | ||
| 2029 | 15.82 | 16.42 | 0.60 | 262 | -0.01 | 3.19 | 3.21 | ||
| 2030 | 16.01 | 16.44 | 0.43 | 261 | -0.01 | 3.20 | 3.21 | ||
| 2031 | 16.17 | 16.45 | 0.28 | 260 | -0.02 | 3.20 | 3.21 | ||
| 2032 | 16.32 | 16.46 | 0.15 | 259 | -0.02 | 3.20 | 3.21 | ||
| 2033 | 16.43 | 16.47 | 0.04 | 259 | -0.02 | 3.20 | 3.22 | ||
| 2034 | 16.53 | 16.48 | -0.05 | 259 | -0.02 | 3.20 | 3.22 | ||
| 2035 | 16.60 | 16.49 | -0.11 | 260 | -0.02 | 3.20 | 3.22 | ||
| 2036 | 16.66 | 16.50 | -0.16 | 261 | -0.03 | 3.20 | 3.22 | ||
| 2037 | 16.71 | 16.50 | -0.21 | 261 | -0.03 | 3.20 | 3.23 | ||
| 2038 | 16.76 | 16.51 | -0.25 | 262 | -0.03 | 3.20 | 3.23 | ||
| 2039 | 16.78 | 16.51 | -0.27 | 263 | -0.03 | 3.20 | 3.23 | ||
| 2040 | 16.81 | 16.51 | -0.30 | 263 | -0.03 | 3.20 | 3.23 | ||
| 2041 | 16.82 | 16.52 | -0.30 | 264 | -0.04 | 3.20 | 3.24 | ||
| 2042 | 16.82 | 16.52 | -0.30 | 264 | -0.04 | 3.20 | 3.24 | ||
| 2043 | 16.81 | 16.52 | -0.29 | 265 | -0.04 | 3.20 | 3.24 | ||
| 2044 | 16.79 | 16.52 | -0.27 | 266 | -0.05 | 3.20 | 3.25 | ||
| 2045 | 16.77 | 16.52 | -0.25 | 267 | -0.05 | 3.20 | 3.25 | ||
| 2046 | 16.75 | 16.52 | -0.23 | 268 | -0.05 | 3.20 | 3.25 | ||
| 2047 | 16.74 | 16.52 | -0.22 | 269 | -0.05 | 3.20 | 3.26 | ||
| 2048 | 16.73 | 16.52 | -0.21 | 270 | -0.06 | 3.20 | 3.26 | ||
| 2049 | 16.72 | 16.52 | -0.20 | 271 | -0.06 | 3.20 | 3.26 | ||
| 2050 | 16.72 | 16.53 | -0.20 | 272 | -0.06 | 3.20 | 3.27 | ||
| 2051 | 16.73 | 16.53 | -0.20 | 273 | -0.07 | 3.20 | 3.27 | ||
| 2052 | 16.74 | 16.53 | -0.21 | 274 | -0.07 | 3.20 | 3.27 | ||
| 2053 | 16.76 | 16.53 | -0.23 | 275 | -0.07 | 3.20 | 3.28 | ||
| 2054 | 16.78 | 16.54 | -0.25 | 275 | -0.08 | 3.20 | 3.28 | ||
| 2055 | 16.81 | 16.54 | -0.27 | 275 | -0.08 | 3.20 | 3.28 | ||
| 2056 | 16.85 | 16.54 | -0.31 | 275 | -0.08 | 3.21 | 3.29 | ||
| 2057 | 16.89 | 16.55 | -0.34 | 275 | -0.09 | 3.21 | 3.29 | ||
| 2058 | 16.94 | 16.55 | -0.39 | 275 | -0.09 | 3.21 | 3.30 | ||
| 2059 | 16.99 | 16.56 | -0.43 | 274 | -0.09 | 3.21 | 3.30 | ||
| 2060 | 17.05 | 16.56 | -0.48 | 273 | -0.10 | 3.21 | 3.30 | ||
| 2061 | 17.11 | 16.57 | -0.54 | 271 | -0.10 | 3.21 | 3.31 | ||
| 2062 | 17.16 | 16.57 | -0.59 | 270 | -0.10 | 3.21 | 3.31 | ||
| 2063 | 17.22 | 16.58 | -0.64 | 268 | -0.10 | 3.21 | 3.31 | ||
| 2064 | 17.28 | 16.59 | -0.70 | 266 | -0.11 | 3.21 | 3.32 | ||
| 2065 | 17.35 | 16.59 | -0.76 | 263 | -0.11 | 3.21 | 3.32 | ||
| 2066 | 17.41 | 16.60 | -0.82 | 260 | -0.11 | 3.21 | 3.32 | ||
| 2067 | 17.48 | 16.60 | -0.88 | 257 | -0.12 | 3.21 | 3.33 | ||
| 2068 | 17.55 | 16.61 | -0.94 | 253 | -0.12 | 3.21 | 3.33 | ||
| 2069 | 17.61 | 16.61 | -1.00 | 249 | -0.12 | 3.21 | 3.33 | ||
| 2070 | 17.68 | 16.62 | -1.06 | 245 | -0.12 | 3.21 | 3.33 | ||
| 2071 | 17.75 | 16.62 | -1.12 | 241 | -0.12 | 3.21 | 3.34 | ||
| 2072 | 17.80 | 16.63 | -1.18 | 236 | -0.12 | 3.21 | 3.34 | ||
| 2073 | 17.86 | 16.63 | -1.22 | 230 | -0.13 | 3.22 | 3.34 | ||
| 2074 | 17.91 | 16.64 | -1.27 | 225 | -0.13 | 3.22 | 3.34 | ||
| 2075 | 17.95 | 16.64 | -1.31 | 220 | -0.13 | 3.22 | 3.35 | ||
| 2076 | 17.99 | 16.65 | -1.34 | 214 | -0.13 | 3.22 | 3.35 | ||
| 2077 | 18.01 | 16.65 | -1.36 | 208 | -0.13 | 3.22 | 3.35 | ||
| 2078 | 18.02 | 16.65 | -1.37 | 202 | -0.13 | 3.22 | 3.35 | ||
| 2079 | 18.02 | 16.65 | -1.37 | 196 | -0.13 | 3.22 | 3.35 | ||
| 2080 | 18.01 | 16.65 | -1.35 | 191 | -0.13 | 3.22 | 3.35 | ||
| 2081 | 17.99 | 16.65 | -1.33 | 185 | -0.13 | 3.22 | 3.35 | ||
| 2082 | 17.96 | 16.65 | -1.31 | 180 | -0.13 | 3.22 | 3.35 | ||
| 2083 | 17.94 | 16.65 | -1.28 | 174 | -0.13 | 3.22 | 3.35 | ||
| 2084 | 17.90 | 16.65 | -1.25 | 169 | -0.13 | 3.22 | 3.36 | ||
| 2085 | 17.87 | 16.65 | -1.21 | 164 | -0.13 | 3.23 | 3.36 | ||
| 2086 | 17.83 | 16.65 | -1.18 | 159 | -0.13 | 3.23 | 3.36 | ||
| 2087 | 17.79 | 16.65 | -1.15 | 154 | -0.13 | 3.23 | 3.36 | ||
| 2088 | 17.77 | 16.65 | -1.12 | 149 | -0.13 | 3.23 | 3.36 | ||
| 2089 | 17.75 | 16.65 | -1.10 | 144 | -0.13 | 3.23 | 3.36 | ||
| 2090 | 17.74 | 16.65 | -1.09 | 139 | -0.13 | 3.23 | 3.36 | ||
| 2091 | 17.74 | 16.65 | -1.09 | 134 | -0.13 | 3.23 | 3.36 | ||
| 2092 | 17.75 | 16.65 | -1.10 | 129 | -0.13 | 3.23 | 3.36 | ||
| 2093 | 17.78 | 16.65 | -1.12 | 124 | -0.13 | 3.23 | 3.36 | ||
| 2094 | 17.81 | 16.66 | -1.15 | 119 | -0.13 | 3.23 | 3.36 | ||
| 2095 | 17.85 | 16.66 | -1.19 | 113 | -0.13 | 3.24 | 3.36 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2020-2094 | 16.99% | 17.01% | 0.02% | N/A | -0.07% | 3.16% | 3.23% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2020 Trustees Report.