Proposed Provision: E2.10. Eliminate the taxable maximum in years 2028 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2019, 2.48 percent in 2020, and so on, up to 12.40 percent in 2028. Provide benefit credit for earnings above the current-law taxable maximum. Create a new bend point at the current-law taxable maximum with a 5 percent formula factor applying above the new bend point.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Current Law |
Provision |
2017 | 298 | 298 |
2018 | 287 | 287 |
2019 | 273 | 273 |
2020 | 259 | 260 |
2021 | 245 | 250 |
2022 | 230 | 240 |
2023 | 215 | 231 |
2024 | 199 | 222 |
2025 | 182 | 214 |
2026 | 165 | 207 |
2027 | 148 | 200 |
2028 | 130 | 194 |
2029 | 112 | 189 |
2030 | 94 | 184 |
2031 | 75 | 179 |
2032 | 56 | 173 |
2033 | 37 | 167 |
2034 | 16 | 161 |
2035 | -4 | 154 |
2036 | -26 | 147 |
2037 | -47 | 139 |
2038 | -70 | 132 |
2039 | -92 | 124 |
2040 | -115 | 117 |
2041 | -138 | 109 |
2042 | -161 | 102 |
2043 | -184 | 95 |
2044 | -207 | 88 |
2045 | -230 | 81 |
2046 | -253 | 75 |
2047 | -276 | 68 |
2048 | -300 | 61 |
2049 | -323 | 55 |
2050 | -346 | 48 |
2051 | -370 | 42 |
2052 | -393 | 35 |
2053 | -417 | 28 |
2054 | -440 | 21 |
2055 | -464 | 14 |
2056 | -487 | 7 |
2057 | -511 | -1 |
2058 | -536 | -9 |
2059 | -560 | -17 |
2060 | -585 | -25 |
2061 | -611 | -34 |
2062 | -637 | -43 |
2063 | -663 | -53 |
2064 | -690 | -62 |
2065 | -717 | -72 |
2066 | -745 | -83 |
2067 | -772 | -94 |
2068 | -801 | -105 |
2069 | -829 | -116 |
2070 | -858 | -128 |
2071 | -888 | -140 |
2072 | -918 | -152 |
2073 | -949 | -165 |
2074 | -981 | -178 |
2075 | -1014 | -191 |
2076 | -1047 | -205 |
2077 | -1082 | -219 |
2078 | -1117 | -233 |
2079 | -1153 | -248 |
2080 | -1190 | -263 |
2081 | -1227 | -277 |
2082 | -1264 | -292 |
2083 | -1300 | -307 |
2084 | -1337 | -322 |
2085 | -1374 | -337 |
2086 | -1410 | -352 |
2087 | -1446 | -367 |
2088 | -1483 | -383 |
2089 | -1520 | -398 |
2090 | -1557 | -414 |
2091 | -1595 | -431 |
2092 | -1633 | -448 |
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