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 |
2015 | 308 | 308 |
2016 | 298 | 298 |
2017 | 280 | 297 |
2018 | 264 | 297 |
2019 | 248 | 297 |
2020 | 233 | 296 |
2021 | 219 | 296 |
2022 | 204 | 295 |
2023 | 189 | 293 |
2024 | 173 | 290 |
2025 | 157 | 287 |
2026 | 142 | 284 |
2027 | 126 | 281 |
2028 | 110 | 278 |
2029 | 94 | 276 |
2030 | 77 | 273 |
2031 | 60 | 270 |
2032 | 42 | 266 |
2033 | 23 | 262 |
2034 | 4 | 257 |
2035 | -16 | 253 |
2036 | -36 | 248 |
2037 | -57 | 242 |
2038 | -78 | 237 |
2039 | -100 | 232 |
2040 | -122 | 227 |
2041 | -144 | 222 |
2042 | -166 | 218 |
2043 | -189 | 213 |
2044 | -211 | 208 |
2045 | -234 | 204 |
2046 | -257 | 199 |
2047 | -280 | 195 |
2048 | -303 | 190 |
2049 | -327 | 186 |
2050 | -351 | 181 |
2051 | -375 | 176 |
2052 | -398 | 171 |
2053 | -423 | 166 |
2054 | -447 | 161 |
2055 | -472 | 155 |
2056 | -496 | 149 |
2057 | -522 | 143 |
2058 | -548 | 136 |
2059 | -574 | 129 |
2060 | -601 | 122 |
2061 | -629 | 114 |
2062 | -657 | 106 |
2063 | -685 | 98 |
2064 | -714 | 90 |
2065 | -744 | 81 |
2066 | -774 | 71 |
2067 | -804 | 62 |
2068 | -835 | 52 |
2069 | -867 | 41 |
2070 | -899 | 31 |
2071 | -932 | 20 |
2072 | -965 | 8 |
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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