Proposed Provision: Eliminate the taxable maximum in years 2013 and later, and apply full 12.4 percent payroll tax rate to all earnings. Provide benefit credit for earnings above the current-law taxable maximum, adding a bend point at the current-law taxable maximum and applying a formula factor of 3 percent for AIME above this new bend point.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Present Law |
Provision |
2012 | 340 | 340 |
2013 | 329 | 329 |
2014 | 315 | 330 |
2015 | 302 | 333 |
2016 | 290 | 336 |
2017 | 277 | 339 |
2018 | 265 | 342 |
2019 | 253 | 345 |
2020 | 240 | 346 |
2021 | 227 | 345 |
2022 | 212 | 343 |
2023 | 197 | 340 |
2024 | 181 | 337 |
2025 | 164 | 332 |
2026 | 147 | 327 |
2027 | 129 | 322 |
2028 | 110 | 316 |
2029 | 90 | 310 |
2030 | 70 | 303 |
2031 | 49 | 296 |
2032 | 27 | 288 |
2033 | 5 | 280 |
2034 | -18 | 272 |
2035 | -41 | 264 |
2036 | -65 | 256 |
2037 | -89 | 248 |
2038 | -114 | 240 |
2039 | -138 | 232 |
2040 | -163 | 224 |
2041 | -189 | 216 |
2042 | -215 | 209 |
2043 | -240 | 202 |
2044 | -266 | 194 |
2045 | -292 | 187 |
2046 | -319 | 180 |
2047 | -346 | 172 |
2048 | -373 | 165 |
2049 | -400 | 158 |
2050 | -428 | 151 |
2051 | -456 | 144 |
2052 | -484 | 136 |
2053 | -512 | 129 |
2054 | -540 | 121 |
2055 | -569 | 113 |
2056 | -598 | 105 |
2057 | -628 | 97 |
2058 | -657 | 89 |
2059 | -688 | 81 |
2060 | -719 | 72 |
2061 | -750 | 63 |
2062 | -782 | 55 |
2063 | -814 | 46 |
2064 | -847 | 37 |
2065 | -880 | 27 |
2066 | -913 | 18 |
2067 | -946 | 8 |
2068 | -980 | -2 |
2069 | -1014 | -12 |
2070 | -1049 | -22 |
2071 | -1084 | -32 |
2072 | -1120 | -43 |
2073 | -1156 | -54 |
2074 | -1193 | -66 |
2075 | -1230 | -77 |
2076 | -1268 | -89 |
2077 | -1307 | -101 |
2078 | -1346 | -113 |
2079 | -1385 | -126 |
2080 | -1425 | -139 |
2081 | -1465 | -152 |
2082 | -1505 | -165 |
2083 | -1547 | -179 |
2084 | -1588 | -193 |
2085 | -1631 | -207 |
2086 | -1673 | -222 |
2087 | -1717 | -237 |
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