Proposed Provision: Eliminate the taxable maximum in years 2016 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
2015308308
2016298298
2017280297
2018264297
2019248297
2020233296
2021219296
2022204295
2023189293
2024173290
2025157287
2026142284
2027126281
2028110278
202994276
203077273
203160270
203242266
203323262
20344257
2035-16253
2036-36248
2037-57242
2038-78237
2039-100232
2040-122227
2041-144222
2042-166218
2043-189213
2044-211208
2045-234204
2046-257199
2047-280195
2048-303190
2049-327186
2050-351181
2051-375176
2052-398171
2053-423166
2054-447161
2055-472155
2056-496149
2057-522143
2058-548136
2059-574129
2060-601122
2061-629114
2062-657106
2063-68598
2064-71490
2065-74481
2066-77471
2067-80462
2068-83552
2069-86741
2070-89931
2071-93220
2072-9658
2073-1000-3
2074-1035-15
2075-1072-28
2076-1110-40
2077-1148-53
2078-1188-66
2079-1228-79
2080-1268-93
2081-1309-106
2082-1350-120
2083-1391-134
2084-1432-148
2085-1472-162
2086-1514-176
2087-1555-191
2088-1597-206
2089-1640-222
2090-1683-237
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