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
2017298298
2018287287
2019273273
2020259260
2021245250
2022230240
2023215231
2024199222
2025182214
2026165207
2027148200
2028130194
2029112189
203094184
203175179
203256173
203337167
203416161
2035-4154
2036-26147
2037-47139
2038-70132
2039-92124
2040-115117
2041-138109
2042-161102
2043-18495
2044-20788
2045-23081
2046-25375
2047-27668
2048-30061
2049-32355
2050-34648
2051-37042
2052-39335
2053-41728
2054-44021
2055-46414
2056-4877
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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