Proposed Provision: E2.3. Eliminate the taxable maximum in years 2021 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. Create a new bend point at the current-law taxable maximum with a 3 percent formula factor applying above the new bend point.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Current Law |
Provision |
2020 | 261 | 261 |
2021 | 248 | 248 |
2022 | 233 | 248 |
2023 | 217 | 247 |
2024 | 200 | 244 |
2025 | 183 | 241 |
2026 | 165 | 236 |
2027 | 148 | 231 |
2028 | 130 | 225 |
2029 | 112 | 218 |
2030 | 94 | 212 |
2031 | 76 | 205 |
2032 | 58 | 199 |
2033 | 39 | 193 |
2034 | 20 | 187 |
2035 | 1 | 182 |
2036 | -19 | 176 |
2037 | -38 | 170 |
2038 | -59 | 164 |
2039 | -80 | 157 |
2040 | -101 | 151 |
2041 | -122 | 144 |
2042 | -144 | 137 |
2043 | -166 | 130 |
2044 | -188 | 124 |
2045 | -210 | 117 |
2046 | -232 | 110 |
2047 | -255 | 103 |
2048 | -277 | 96 |
2049 | -299 | 89 |
2050 | -322 | 82 |
2051 | -344 | 75 |
2052 | -367 | 68 |
2053 | -389 | 60 |
2054 | -412 | 53 |
2055 | -434 | 45 |
2056 | -457 | 37 |
2057 | -480 | 29 |
2058 | -504 | 20 |
2059 | -527 | 11 |
2060 | -551 | 2 |
2061 | -575 | -7 |
2062 | -599 | -17 |
2063 | -624 | -27 |
2064 | -650 | -37 |
2065 | -676 | -48 |
2066 | -702 | -59 |
2067 | -728 | -71 |
2068 | -755 | -82 |
2069 | -782 | -94 |
2070 | -809 | -107 |
2071 | -837 | -120 |
2072 | -866 | -133 |
2073 | -895 | -147 |
2074 | -925 | -161 |
2075 | -955 | -175 |
2076 | -986 | -189 |
2077 | -1018 | -204 |
2078 | -1051 | -220 |
2079 | -1084 | -235 |
2080 | -1119 | -251 |
2081 | -1154 | -267 |
2082 | -1190 | -283 |
2083 | -1226 | -299 |
2084 | -1263 | -316 |
2085 | -1300 | -332 |
2086 | -1337 | -348 |
2087 | -1374 | -364 |
2088 | -1411 | -380 |
2089 | -1448 | -396 |
2090 | -1484 | -412 |
2091 | -1520 | -428 |
2092 | -1554 | -443 |
2093 | -1589 | -459 |
2094 | -1623 | -474 |
2095 | -1657 | -489 |
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