Detailed Single Year Tables
Description of Proposed Provision:
E1.1: Increase the payroll tax rate (currently 12.4 percent) to 16.2 percent in 2024 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 |
|||
| 2023 | 14.53 | 13.29 | -1.24 | 204 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.87 | 16.23 | 1.36 | 187 | 0.00 | 3.34 | 3.34 | ||
| 2025 | 15.04 | 16.57 | 1.53 | 189 | -0.00 | 3.59 | 3.60 | ||
| 2026 | 15.23 | 16.67 | 1.44 | 193 | -0.01 | 3.59 | 3.60 | ||
| 2027 | 15.37 | 16.68 | 1.31 | 196 | -0.01 | 3.59 | 3.60 | ||
| 2028 | 15.54 | 16.72 | 1.18 | 200 | -0.01 | 3.59 | 3.60 | ||
| 2029 | 15.70 | 16.75 | 1.05 | 202 | -0.02 | 3.59 | 3.61 | ||
| 2030 | 15.85 | 16.78 | 0.93 | 204 | -0.02 | 3.59 | 3.61 | ||
| 2031 | 15.97 | 16.80 | 0.83 | 206 | -0.03 | 3.59 | 3.62 | ||
| 2032 | 16.11 | 16.83 | 0.72 | 208 | -0.04 | 3.59 | 3.63 | ||
| 2033 | 16.22 | 16.84 | 0.61 | 210 | -0.05 | 3.59 | 3.63 | ||
| 2034 | 16.33 | 16.85 | 0.52 | 212 | -0.06 | 3.59 | 3.64 | ||
| 2035 | 16.41 | 16.85 | 0.44 | 216 | -0.07 | 3.59 | 3.65 | ||
| 2036 | 16.48 | 16.86 | 0.38 | 219 | -0.08 | 3.59 | 3.66 | ||
| 2037 | 16.55 | 16.87 | 0.32 | 223 | -0.09 | 3.59 | 3.67 | ||
| 2038 | 16.60 | 16.87 | 0.27 | 226 | -0.10 | 3.59 | 3.68 | ||
| 2039 | 16.64 | 16.88 | 0.24 | 229 | -0.10 | 3.59 | 3.69 | ||
| 2040 | 16.67 | 16.88 | 0.21 | 232 | -0.11 | 3.59 | 3.70 | ||
| 2041 | 16.68 | 16.88 | 0.20 | 235 | -0.12 | 3.58 | 3.71 | ||
| 2042 | 16.69 | 16.89 | 0.20 | 238 | -0.13 | 3.58 | 3.71 | ||
| 2043 | 16.69 | 16.89 | 0.19 | 242 | -0.14 | 3.58 | 3.72 | ||
| 2044 | 16.70 | 16.89 | 0.19 | 245 | -0.14 | 3.58 | 3.73 | ||
| 2045 | 16.71 | 16.89 | 0.18 | 248 | -0.15 | 3.58 | 3.73 | ||
| 2046 | 16.72 | 16.89 | 0.17 | 251 | -0.16 | 3.58 | 3.74 | ||
| 2047 | 16.74 | 16.90 | 0.16 | 254 | -0.16 | 3.58 | 3.75 | ||
| 2048 | 16.76 | 16.90 | 0.14 | 257 | -0.17 | 3.58 | 3.75 | ||
| 2049 | 16.78 | 16.90 | 0.12 | 260 | -0.18 | 3.58 | 3.76 | ||
| 2050 | 16.81 | 16.90 | 0.10 | 263 | -0.18 | 3.58 | 3.76 | ||
| 2051 | 16.83 | 16.91 | 0.08 | 265 | -0.19 | 3.58 | 3.77 | ||
| 2052 | 16.87 | 16.91 | 0.04 | 267 | -0.19 | 3.58 | 3.77 | ||
| 2053 | 16.91 | 16.91 | 0.00 | 269 | -0.20 | 3.58 | 3.78 | ||
| 2054 | 16.96 | 16.92 | -0.04 | 270 | -0.20 | 3.58 | 3.78 | ||
| 2055 | 17.03 | 16.92 | -0.10 | 271 | -0.21 | 3.58 | 3.79 | ||
| 2056 | 17.09 | 16.93 | -0.16 | 272 | -0.21 | 3.58 | 3.79 | ||
| 2057 | 17.17 | 16.94 | -0.23 | 272 | -0.21 | 3.58 | 3.79 | ||
| 2058 | 17.24 | 16.94 | -0.30 | 272 | -0.21 | 3.58 | 3.80 | ||
| 2059 | 17.32 | 16.95 | -0.37 | 271 | -0.22 | 3.58 | 3.80 | ||
| 2060 | 17.40 | 16.96 | -0.44 | 270 | -0.22 | 3.58 | 3.80 | ||
| 2061 | 17.47 | 16.96 | -0.51 | 269 | -0.22 | 3.58 | 3.80 | ||
| 2062 | 17.54 | 16.97 | -0.57 | 267 | -0.22 | 3.58 | 3.80 | ||
| 2063 | 17.60 | 16.97 | -0.63 | 265 | -0.22 | 3.58 | 3.81 | ||
| 2064 | 17.66 | 16.98 | -0.68 | 263 | -0.23 | 3.58 | 3.81 | ||
| 2065 | 17.72 | 16.98 | -0.74 | 260 | -0.23 | 3.58 | 3.81 | ||
| 2066 | 17.78 | 16.99 | -0.79 | 258 | -0.23 | 3.58 | 3.81 | ||
| 2067 | 17.83 | 16.99 | -0.84 | 255 | -0.23 | 3.58 | 3.81 | ||
| 2068 | 17.89 | 17.00 | -0.89 | 252 | -0.23 | 3.58 | 3.81 | ||
| 2069 | 17.94 | 17.00 | -0.94 | 248 | -0.23 | 3.58 | 3.81 | ||
| 2070 | 18.00 | 17.01 | -0.99 | 244 | -0.23 | 3.58 | 3.81 | ||
| 2071 | 18.05 | 17.01 | -1.04 | 240 | -0.23 | 3.58 | 3.81 | ||
| 2072 | 18.10 | 17.01 | -1.09 | 236 | -0.23 | 3.58 | 3.81 | ||
| 2073 | 18.15 | 17.02 | -1.13 | 231 | -0.23 | 3.58 | 3.81 | ||
| 2074 | 18.20 | 17.02 | -1.17 | 227 | -0.23 | 3.58 | 3.82 | ||
| 2075 | 18.23 | 17.03 | -1.21 | 222 | -0.23 | 3.58 | 3.82 | ||
| 2076 | 18.26 | 17.03 | -1.23 | 217 | -0.23 | 3.58 | 3.82 | ||
| 2077 | 18.27 | 17.03 | -1.24 | 212 | -0.23 | 3.58 | 3.82 | ||
| 2078 | 18.27 | 17.03 | -1.24 | 207 | -0.23 | 3.58 | 3.82 | ||
| 2079 | 18.26 | 17.03 | -1.23 | 202 | -0.23 | 3.58 | 3.82 | ||
| 2080 | 18.23 | 17.03 | -1.20 | 197 | -0.23 | 3.58 | 3.82 | ||
| 2081 | 18.20 | 17.03 | -1.17 | 193 | -0.23 | 3.58 | 3.82 | ||
| 2082 | 18.16 | 17.03 | -1.14 | 188 | -0.23 | 3.58 | 3.81 | ||
| 2083 | 18.12 | 17.03 | -1.09 | 184 | -0.23 | 3.58 | 3.81 | ||
| 2084 | 18.06 | 17.02 | -1.04 | 180 | -0.23 | 3.59 | 3.81 | ||
| 2085 | 18.00 | 17.02 | -0.98 | 176 | -0.23 | 3.59 | 3.81 | ||
| 2086 | 17.93 | 17.02 | -0.92 | 173 | -0.23 | 3.59 | 3.81 | ||
| 2087 | 17.86 | 17.01 | -0.85 | 169 | -0.23 | 3.59 | 3.81 | ||
| 2088 | 17.79 | 17.01 | -0.79 | 167 | -0.22 | 3.59 | 3.81 | ||
| 2089 | 17.73 | 17.00 | -0.73 | 164 | -0.22 | 3.59 | 3.81 | ||
| 2090 | 17.67 | 17.00 | -0.67 | 162 | -0.22 | 3.59 | 3.81 | ||
| 2091 | 17.62 | 17.00 | -0.62 | 160 | -0.22 | 3.59 | 3.81 | ||
| 2092 | 17.58 | 16.99 | -0.59 | 158 | -0.22 | 3.59 | 3.81 | ||
| 2093 | 17.55 | 16.99 | -0.56 | 156 | -0.22 | 3.59 | 3.81 | ||
| 2094 | 17.53 | 16.99 | -0.54 | 154 | -0.22 | 3.59 | 3.81 | ||
| 2095 | 17.52 | 16.99 | -0.53 | 152 | -0.22 | 3.59 | 3.81 | ||
| 2096 | 17.52 | 16.99 | -0.53 | 150 | -0.22 | 3.59 | 3.81 | ||
| 2097 | 17.53 | 16.99 | -0.54 | 148 | -0.22 | 3.59 | 3.81 | ||
| 2098 | 17.55 | 16.99 | -0.56 | 146 | -0.22 | 3.59 | 3.81 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2023-2097 | 17.22% | 17.31% | 0.09% | N/A | -0.16% | 3.53% | 3.70% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2023 Trustees Report.