Detailed Single Year Tables
Description of Proposed Provision:
E1.1: Increase the payroll tax rate (currently 12.4 percent) to 16.0 percent in 2023 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 |
|||
| 2022 | 14.05 | 12.79 | -1.26 | 230 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.31 | 16.30 | 2.00 | 211 | 0.00 | 3.27 | 3.27 | ||
| 2024 | 14.44 | 16.36 | 1.92 | 216 | -0.01 | 3.41 | 3.41 | ||
| 2025 | 14.65 | 16.37 | 1.72 | 221 | -0.01 | 3.40 | 3.41 | ||
| 2026 | 14.87 | 16.48 | 1.61 | 224 | -0.01 | 3.40 | 3.41 | ||
| 2027 | 15.09 | 16.50 | 1.41 | 227 | -0.01 | 3.40 | 3.42 | ||
| 2028 | 15.31 | 16.54 | 1.24 | 229 | -0.02 | 3.40 | 3.42 | ||
| 2029 | 15.50 | 16.58 | 1.08 | 230 | -0.02 | 3.41 | 3.43 | ||
| 2030 | 15.69 | 16.60 | 0.91 | 232 | -0.03 | 3.40 | 3.43 | ||
| 2031 | 15.87 | 16.63 | 0.77 | 233 | -0.04 | 3.40 | 3.44 | ||
| 2032 | 16.02 | 16.65 | 0.63 | 234 | -0.05 | 3.40 | 3.45 | ||
| 2033 | 16.15 | 16.66 | 0.51 | 236 | -0.06 | 3.40 | 3.46 | ||
| 2034 | 16.26 | 16.67 | 0.41 | 237 | -0.07 | 3.40 | 3.47 | ||
| 2035 | 16.34 | 16.67 | 0.33 | 241 | -0.08 | 3.40 | 3.48 | ||
| 2036 | 16.41 | 16.68 | 0.27 | 244 | -0.08 | 3.40 | 3.49 | ||
| 2037 | 16.48 | 16.69 | 0.20 | 246 | -0.09 | 3.40 | 3.49 | ||
| 2038 | 16.54 | 16.69 | 0.15 | 249 | -0.10 | 3.40 | 3.50 | ||
| 2039 | 16.58 | 16.70 | 0.12 | 252 | -0.11 | 3.40 | 3.51 | ||
| 2040 | 16.60 | 16.70 | 0.10 | 254 | -0.12 | 3.40 | 3.52 | ||
| 2041 | 16.61 | 16.70 | 0.09 | 257 | -0.12 | 3.40 | 3.52 | ||
| 2042 | 16.63 | 16.70 | 0.07 | 260 | -0.13 | 3.40 | 3.53 | ||
| 2043 | 16.64 | 16.70 | 0.06 | 263 | -0.14 | 3.40 | 3.54 | ||
| 2044 | 16.66 | 16.71 | 0.05 | 266 | -0.14 | 3.40 | 3.54 | ||
| 2045 | 16.67 | 16.71 | 0.04 | 268 | -0.15 | 3.40 | 3.55 | ||
| 2046 | 16.68 | 16.71 | 0.03 | 271 | -0.16 | 3.40 | 3.56 | ||
| 2047 | 16.70 | 16.71 | 0.01 | 273 | -0.16 | 3.40 | 3.56 | ||
| 2048 | 16.72 | 16.71 | -0.01 | 275 | -0.17 | 3.40 | 3.57 | ||
| 2049 | 16.74 | 16.72 | -0.03 | 277 | -0.17 | 3.40 | 3.57 | ||
| 2050 | 16.77 | 16.72 | -0.05 | 279 | -0.18 | 3.40 | 3.58 | ||
| 2051 | 16.80 | 16.72 | -0.08 | 281 | -0.18 | 3.40 | 3.58 | ||
| 2052 | 16.83 | 16.72 | -0.10 | 282 | -0.19 | 3.40 | 3.59 | ||
| 2053 | 16.86 | 16.73 | -0.14 | 283 | -0.19 | 3.40 | 3.59 | ||
| 2054 | 16.90 | 16.73 | -0.17 | 284 | -0.19 | 3.40 | 3.59 | ||
| 2055 | 16.95 | 16.73 | -0.22 | 284 | -0.20 | 3.40 | 3.59 | ||
| 2056 | 17.00 | 16.74 | -0.26 | 285 | -0.20 | 3.40 | 3.60 | ||
| 2057 | 17.06 | 16.74 | -0.32 | 284 | -0.20 | 3.40 | 3.60 | ||
| 2058 | 17.12 | 16.75 | -0.37 | 284 | -0.20 | 3.40 | 3.60 | ||
| 2059 | 17.18 | 16.75 | -0.43 | 283 | -0.21 | 3.40 | 3.60 | ||
| 2060 | 17.24 | 16.76 | -0.49 | 282 | -0.21 | 3.40 | 3.61 | ||
| 2061 | 17.30 | 16.76 | -0.54 | 280 | -0.21 | 3.40 | 3.61 | ||
| 2062 | 17.36 | 16.77 | -0.59 | 279 | -0.21 | 3.40 | 3.61 | ||
| 2063 | 17.42 | 16.77 | -0.64 | 277 | -0.21 | 3.40 | 3.61 | ||
| 2064 | 17.47 | 16.78 | -0.69 | 274 | -0.21 | 3.40 | 3.61 | ||
| 2065 | 17.52 | 16.78 | -0.74 | 272 | -0.21 | 3.40 | 3.61 | ||
| 2066 | 17.57 | 16.79 | -0.78 | 269 | -0.21 | 3.40 | 3.61 | ||
| 2067 | 17.62 | 16.79 | -0.83 | 266 | -0.21 | 3.40 | 3.61 | ||
| 2068 | 17.67 | 16.79 | -0.88 | 263 | -0.21 | 3.40 | 3.61 | ||
| 2069 | 17.73 | 16.80 | -0.93 | 260 | -0.21 | 3.40 | 3.61 | ||
| 2070 | 17.79 | 16.80 | -0.98 | 256 | -0.21 | 3.40 | 3.61 | ||
| 2071 | 17.84 | 16.81 | -1.03 | 252 | -0.22 | 3.40 | 3.62 | ||
| 2072 | 17.89 | 16.81 | -1.08 | 248 | -0.22 | 3.40 | 3.62 | ||
| 2073 | 17.95 | 16.82 | -1.13 | 243 | -0.22 | 3.40 | 3.62 | ||
| 2074 | 17.99 | 16.82 | -1.17 | 238 | -0.22 | 3.40 | 3.62 | ||
| 2075 | 18.04 | 16.82 | -1.21 | 233 | -0.22 | 3.40 | 3.62 | ||
| 2076 | 18.07 | 16.83 | -1.24 | 228 | -0.22 | 3.40 | 3.62 | ||
| 2077 | 18.09 | 16.83 | -1.27 | 223 | -0.22 | 3.40 | 3.62 | ||
| 2078 | 18.10 | 16.83 | -1.27 | 218 | -0.22 | 3.40 | 3.62 | ||
| 2079 | 18.10 | 16.83 | -1.27 | 213 | -0.22 | 3.40 | 3.62 | ||
| 2080 | 18.08 | 16.83 | -1.25 | 208 | -0.22 | 3.40 | 3.62 | ||
| 2081 | 18.06 | 16.83 | -1.23 | 203 | -0.22 | 3.40 | 3.62 | ||
| 2082 | 18.03 | 16.83 | -1.20 | 198 | -0.22 | 3.40 | 3.62 | ||
| 2083 | 17.99 | 16.83 | -1.16 | 193 | -0.21 | 3.40 | 3.62 | ||
| 2084 | 17.95 | 16.82 | -1.12 | 189 | -0.21 | 3.40 | 3.62 | ||
| 2085 | 17.89 | 16.82 | -1.07 | 185 | -0.21 | 3.40 | 3.62 | ||
| 2086 | 17.83 | 16.82 | -1.02 | 181 | -0.21 | 3.40 | 3.62 | ||
| 2087 | 17.77 | 16.81 | -0.96 | 177 | -0.21 | 3.40 | 3.61 | ||
| 2088 | 17.70 | 16.81 | -0.90 | 174 | -0.21 | 3.40 | 3.61 | ||
| 2089 | 17.64 | 16.80 | -0.84 | 171 | -0.21 | 3.40 | 3.61 | ||
| 2090 | 17.58 | 16.80 | -0.78 | 168 | -0.21 | 3.40 | 3.61 | ||
| 2091 | 17.53 | 16.80 | -0.74 | 165 | -0.21 | 3.40 | 3.61 | ||
| 2092 | 17.50 | 16.80 | -0.70 | 162 | -0.21 | 3.40 | 3.61 | ||
| 2093 | 17.47 | 16.79 | -0.67 | 160 | -0.21 | 3.40 | 3.61 | ||
| 2094 | 17.45 | 16.79 | -0.65 | 157 | -0.21 | 3.40 | 3.61 | ||
| 2095 | 17.44 | 16.79 | -0.64 | 155 | -0.21 | 3.40 | 3.61 | ||
| 2096 | 17.44 | 16.79 | -0.64 | 152 | -0.21 | 3.40 | 3.61 | ||
| 2097 | 17.44 | 16.79 | -0.65 | 150 | -0.21 | 3.40 | 3.61 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2022-2096 | 17.04% | 17.13% | 0.09% | N/A | -0.15% | 3.35% | 3.51% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2022 Trustees Report.