Proposed Provision: E3.8. Beginning in 2028, apply 2 percent payroll tax rate on earnings over the wage-indexed equivalent of $200,000 in 2017 (about $292,200 in 2028), with the threshold wage-indexed after 2028. Provide proportional benefit credit for additional earnings taxed, based on the payroll tax rate applied to the additional earnings divided by the full 12.4 percent payroll tax rate.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2020261261
2021248248
2022233233
2023217217
2024200200
2025183183
2026165165
2027148148
2028130130
2029112114
20309497
20317681
20325864
20333947
20342030
2035112
2036-19-5
2037-38-24
2038-59-42
2039-80-61
2040-101-81
2041-122-100
2042-144-120
2043-166-141
2044-188-161
2045-210-181
2046-232-202
2047-255-222
2048-277-243
2049-299-263
2050-322-284
2051-344-305
2052-367-325
2053-389-346
2054-412-367
2055-434-388
2056-457-409
2057-480-431
2058-504-452
2059-527-474
2060-551-496
2061-575-519
2062-599-542
2063-624-565
2064-650-589
2065-676-613
2066-702-637
2067-728-662
2068-755-687
2069-782-713
2070-809-739
2071-837-765
2072-866-792
2073-895-820
2074-925-848
2075-955-877
2076-986-906
2077-1018-936
2078-1051-967
2079-1084-999
2080-1119-1032
2081-1154-1065
2082-1190-1099
2083-1226-1134
2084-1263-1168
2085-1300-1203
2086-1337-1239
2087-1374-1274
2088-1411-1309
2089-1448-1344
2090-1484-1378
2091-1520-1412
2092-1554-1445
2093-1589-1478
2094-1623-1510
2095-1657-1542
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