Proposed Provision: E3.15. Increase the taxable maximum such that 90 percent of earnings are subject to the payroll tax (phased in 2021-2030). In addition, apply a tax rate of 6.2 percent for earnings above the revised taxable maximum (phased in from 2021-2030). Provide benefit credit for earnings taxed up to the revised taxable maximum.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
| Year |
Current Law |
Provision |
| 2020 | 261 | 261 |
| 2021 | 248 | 248 |
| 2022 | 233 | 234 |
| 2023 | 217 | 222 |
| 2024 | 200 | 209 |
| 2025 | 183 | 197 |
| 2026 | 165 | 186 |
| 2027 | 148 | 175 |
| 2028 | 130 | 165 |
| 2029 | 112 | 155 |
| 2030 | 94 | 146 |
| 2031 | 76 | 137 |
| 2032 | 58 | 128 |
| 2033 | 39 | 119 |
| 2034 | 20 | 110 |
| 2035 | 1 | 100 |
| 2036 | -19 | 91 |
| 2037 | -38 | 81 |
| 2038 | -59 | 71 |
| 2039 | -80 | 61 |
| 2040 | -101 | 51 |
| 2041 | -122 | 40 |
| 2042 | -144 | 29 |
| 2043 | -166 | 18 |
| 2044 | -188 | 7 |
| 2045 | -210 | -4 |
| 2046 | -232 | -15 |
| 2047 | -255 | -27 |
| 2048 | -277 | -38 |
| 2049 | -299 | -49 |
| 2050 | -322 | -61 |
| 2051 | -344 | -72 |
| 2052 | -367 | -84 |
| 2053 | -389 | -96 |
| 2054 | -412 | -108 |
| 2055 | -434 | -120 |
| 2056 | -457 | -132 |
| 2057 | -480 | -145 |
| 2058 | -504 | -158 |
| 2059 | -527 | -171 |
| 2060 | -551 | -185 |
| 2061 | -575 | -199 |
| 2062 | -599 | -213 |
| 2063 | -624 | -228 |
| 2064 | -650 | -243 |
| 2065 | -676 | -258 |
| 2066 | -702 | -274 |
| 2067 | -728 | -291 |
| 2068 | -755 | -307 |
| 2069 | -782 | -324 |
| 2070 | -809 | -342 |
| 2071 | -837 | -360 |
| 2072 | -866 | -378 |
| 2073 | -895 | -397 |
| 2074 | -925 | -416 |
| 2075 | -955 | -436 |
| 2076 | -986 | -456 |
| 2077 | -1018 | -477 |
| 2078 | -1051 | -498 |
| 2079 | -1084 | -520 |
| 2080 | -1119 | -543 |
| 2081 | -1154 | -565 |
| 2082 | -1190 | -588 |
| 2083 | -1226 | -611 |
| 2084 | -1263 | -635 |
| 2085 | -1300 | -658 |
| 2086 | -1337 | -682 |
| 2087 | -1374 | -706 |
| 2088 | -1411 | -729 |
| 2089 | -1448 | -753 |
| 2090 | -1484 | -776 |
| 2091 | -1520 | -798 |
| 2092 | -1554 | -821 |
| 2093 | -1589 | -843 |
| 2094 | -1623 | -865 |
| 2095 | -1657 | -887 |
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