Detailed Single Year Tables
Description of Proposed Provision:
E1.1: Increase the payroll tax rate (currently 12.4 percent) to 16.1 percent in 2022 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 |
|||
| 2021 | 14.11 | 12.31 | -1.81 | 253 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.30 | 16.25 | 1.95 | 231 | 0.00 | 3.32 | 3.32 | ||
| 2023 | 14.43 | 16.39 | 1.96 | 236 | -0.01 | 3.47 | 3.48 | ||
| 2024 | 14.63 | 16.42 | 1.79 | 240 | -0.01 | 3.48 | 3.48 | ||
| 2025 | 14.85 | 16.43 | 1.59 | 244 | -0.01 | 3.47 | 3.48 | ||
| 2026 | 15.09 | 16.55 | 1.46 | 245 | -0.01 | 3.47 | 3.48 | ||
| 2027 | 15.34 | 16.57 | 1.22 | 246 | -0.02 | 3.47 | 3.49 | ||
| 2028 | 15.60 | 16.61 | 1.01 | 246 | -0.03 | 3.47 | 3.50 | ||
| 2029 | 15.84 | 16.64 | 0.80 | 245 | -0.03 | 3.47 | 3.51 | ||
| 2030 | 16.06 | 16.66 | 0.60 | 244 | -0.05 | 3.47 | 3.51 | ||
| 2031 | 16.23 | 16.67 | 0.45 | 243 | -0.06 | 3.47 | 3.52 | ||
| 2032 | 16.37 | 16.69 | 0.32 | 242 | -0.07 | 3.47 | 3.54 | ||
| 2033 | 16.48 | 16.70 | 0.22 | 242 | -0.08 | 3.47 | 3.55 | ||
| 2034 | 16.57 | 16.70 | 0.14 | 241 | -0.09 | 3.47 | 3.56 | ||
| 2035 | 16.63 | 16.71 | 0.08 | 243 | -0.10 | 3.47 | 3.57 | ||
| 2036 | 16.69 | 16.72 | 0.03 | 245 | -0.11 | 3.47 | 3.58 | ||
| 2037 | 16.74 | 16.72 | -0.01 | 246 | -0.12 | 3.47 | 3.59 | ||
| 2038 | 16.78 | 16.73 | -0.05 | 248 | -0.13 | 3.47 | 3.60 | ||
| 2039 | 16.81 | 16.73 | -0.07 | 250 | -0.14 | 3.47 | 3.61 | ||
| 2040 | 16.83 | 16.74 | -0.09 | 251 | -0.15 | 3.47 | 3.62 | ||
| 2041 | 16.86 | 16.74 | -0.12 | 253 | -0.16 | 3.47 | 3.63 | ||
| 2042 | 16.87 | 16.74 | -0.13 | 255 | -0.17 | 3.47 | 3.64 | ||
| 2043 | 16.87 | 16.75 | -0.12 | 256 | -0.18 | 3.47 | 3.64 | ||
| 2044 | 16.86 | 16.75 | -0.12 | 258 | -0.18 | 3.47 | 3.65 | ||
| 2045 | 16.86 | 16.75 | -0.11 | 260 | -0.19 | 3.47 | 3.66 | ||
| 2046 | 16.86 | 16.75 | -0.11 | 262 | -0.20 | 3.47 | 3.66 | ||
| 2047 | 16.87 | 16.75 | -0.12 | 263 | -0.20 | 3.47 | 3.67 | ||
| 2048 | 16.89 | 16.76 | -0.14 | 265 | -0.21 | 3.47 | 3.68 | ||
| 2049 | 16.90 | 16.76 | -0.15 | 266 | -0.21 | 3.47 | 3.68 | ||
| 2050 | 16.92 | 16.76 | -0.16 | 267 | -0.22 | 3.47 | 3.69 | ||
| 2051 | 16.94 | 16.76 | -0.18 | 268 | -0.22 | 3.47 | 3.69 | ||
| 2052 | 16.96 | 16.77 | -0.20 | 269 | -0.23 | 3.47 | 3.70 | ||
| 2053 | 16.99 | 16.77 | -0.22 | 270 | -0.23 | 3.47 | 3.70 | ||
| 2054 | 17.02 | 16.77 | -0.25 | 270 | -0.23 | 3.47 | 3.70 | ||
| 2055 | 17.06 | 16.78 | -0.28 | 270 | -0.23 | 3.47 | 3.71 | ||
| 2056 | 17.10 | 16.78 | -0.32 | 270 | -0.24 | 3.47 | 3.71 | ||
| 2057 | 17.15 | 16.79 | -0.36 | 270 | -0.24 | 3.47 | 3.71 | ||
| 2058 | 17.20 | 16.79 | -0.40 | 269 | -0.24 | 3.47 | 3.71 | ||
| 2059 | 17.25 | 16.80 | -0.45 | 268 | -0.24 | 3.47 | 3.72 | ||
| 2060 | 17.31 | 16.80 | -0.50 | 267 | -0.24 | 3.48 | 3.72 | ||
| 2061 | 17.36 | 16.81 | -0.55 | 265 | -0.24 | 3.48 | 3.72 | ||
| 2062 | 17.41 | 16.81 | -0.60 | 264 | -0.24 | 3.48 | 3.72 | ||
| 2063 | 17.46 | 16.82 | -0.64 | 262 | -0.24 | 3.48 | 3.72 | ||
| 2064 | 17.51 | 16.82 | -0.68 | 259 | -0.24 | 3.48 | 3.72 | ||
| 2065 | 17.56 | 16.83 | -0.73 | 257 | -0.24 | 3.48 | 3.72 | ||
| 2066 | 17.61 | 16.83 | -0.78 | 254 | -0.24 | 3.48 | 3.72 | ||
| 2067 | 17.66 | 16.84 | -0.82 | 251 | -0.24 | 3.48 | 3.73 | ||
| 2068 | 17.71 | 16.84 | -0.87 | 248 | -0.24 | 3.48 | 3.73 | ||
| 2069 | 17.77 | 16.85 | -0.92 | 245 | -0.24 | 3.48 | 3.73 | ||
| 2070 | 17.82 | 16.85 | -0.97 | 241 | -0.24 | 3.48 | 3.73 | ||
| 2071 | 17.88 | 16.86 | -1.02 | 237 | -0.24 | 3.48 | 3.73 | ||
| 2072 | 17.93 | 16.86 | -1.07 | 233 | -0.24 | 3.49 | 3.73 | ||
| 2073 | 17.98 | 16.87 | -1.11 | 228 | -0.24 | 3.49 | 3.73 | ||
| 2074 | 18.03 | 16.87 | -1.16 | 224 | -0.24 | 3.49 | 3.73 | ||
| 2075 | 18.07 | 16.88 | -1.19 | 219 | -0.24 | 3.49 | 3.73 | ||
| 2076 | 18.10 | 16.88 | -1.22 | 214 | -0.24 | 3.49 | 3.73 | ||
| 2077 | 18.13 | 16.88 | -1.24 | 208 | -0.24 | 3.49 | 3.73 | ||
| 2078 | 18.13 | 16.89 | -1.25 | 203 | -0.24 | 3.49 | 3.73 | ||
| 2079 | 18.13 | 16.89 | -1.24 | 198 | -0.24 | 3.49 | 3.73 | ||
| 2080 | 18.11 | 16.89 | -1.22 | 193 | -0.24 | 3.49 | 3.73 | ||
| 2081 | 18.09 | 16.89 | -1.20 | 188 | -0.24 | 3.49 | 3.73 | ||
| 2082 | 18.06 | 16.89 | -1.17 | 184 | -0.24 | 3.50 | 3.73 | ||
| 2083 | 18.01 | 16.89 | -1.13 | 179 | -0.24 | 3.50 | 3.73 | ||
| 2084 | 17.96 | 16.89 | -1.08 | 175 | -0.24 | 3.50 | 3.73 | ||
| 2085 | 17.91 | 16.88 | -1.02 | 171 | -0.23 | 3.50 | 3.73 | ||
| 2086 | 17.84 | 16.88 | -0.96 | 167 | -0.23 | 3.50 | 3.73 | ||
| 2087 | 17.78 | 16.88 | -0.90 | 163 | -0.23 | 3.50 | 3.73 | ||
| 2088 | 17.71 | 16.87 | -0.83 | 160 | -0.23 | 3.50 | 3.73 | ||
| 2089 | 17.64 | 16.87 | -0.77 | 157 | -0.23 | 3.50 | 3.73 | ||
| 2090 | 17.59 | 16.87 | -0.72 | 154 | -0.22 | 3.50 | 3.73 | ||
| 2091 | 17.54 | 16.87 | -0.68 | 152 | -0.22 | 3.51 | 3.73 | ||
| 2092 | 17.51 | 16.87 | -0.65 | 149 | -0.22 | 3.51 | 3.73 | ||
| 2093 | 17.49 | 16.87 | -0.63 | 147 | -0.22 | 3.51 | 3.73 | ||
| 2094 | 17.48 | 16.87 | -0.62 | 145 | -0.22 | 3.51 | 3.73 | ||
| 2095 | 17.48 | 16.87 | -0.61 | 142 | -0.22 | 3.51 | 3.73 | ||
| 2096 | 17.49 | 16.87 | -0.62 | 140 | -0.22 | 3.51 | 3.73 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2021-2095 | 17.14% | 17.21% | 0.07% | N/A | -0.18% | 3.43% | 3.61% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2021 Trustees Report.