Proposed Provision: E3.7. Increase the taxable maximum by an additional 2 percent per year beginning in 2023 until taxable earnings equal 90 percent of covered earnings. Provide benefit credit for earnings up to the revised taxable maximum. Create a new bend point equal to 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 |
2021 | 253 | 253 |
2022 | 231 | 231 |
2023 | 214 | 214 |
2024 | 196 | 196 |
2025 | 178 | 179 |
2026 | 159 | 161 |
2027 | 141 | 143 |
2028 | 122 | 126 |
2029 | 104 | 109 |
2030 | 85 | 91 |
2031 | 66 | 74 |
2032 | 46 | 56 |
2033 | 27 | 39 |
2034 | 7 | 22 |
2035 | -13 | 4 |
2036 | -33 | -14 |
2037 | -54 | -32 |
2038 | -76 | -50 |
2039 | -97 | -68 |
2040 | -119 | -87 |
2041 | -142 | -105 |
2042 | -165 | -124 |
2043 | -188 | -143 |
2044 | -211 | -162 |
2045 | -235 | -181 |
2046 | -258 | -200 |
2047 | -282 | -219 |
2048 | -306 | -238 |
2049 | -330 | -257 |
2050 | -354 | -276 |
2051 | -378 | -295 |
2052 | -403 | -314 |
2053 | -427 | -333 |
2054 | -452 | -352 |
2055 | -477 | -371 |
2056 | -502 | -390 |
2057 | -527 | -409 |
2058 | -552 | -428 |
2059 | -578 | -448 |
2060 | -604 | -467 |
2061 | -630 | -487 |
2062 | -657 | -508 |
2063 | -684 | -529 |
2064 | -712 | -550 |
2065 | -740 | -571 |
2066 | -768 | -593 |
2067 | -796 | -616 |
2068 | -825 | -638 |
2069 | -855 | -661 |
2070 | -884 | -684 |
2071 | -914 | -708 |
2072 | -945 | -732 |
2073 | -976 | -757 |
2074 | -1007 | -781 |
2075 | -1039 | -807 |
2076 | -1071 | -833 |
2077 | -1105 | -860 |
2078 | -1139 | -887 |
2079 | -1175 | -916 |
2080 | -1211 | -945 |
2081 | -1248 | -975 |
2082 | -1286 | -1005 |
2083 | -1324 | -1035 |
2084 | -1363 | -1067 |
2085 | -1403 | -1098 |
2086 | -1443 | -1130 |
2087 | -1483 | -1162 |
2088 | -1524 | -1195 |
2089 | -1564 | -1227 |
2090 | -1604 | -1258 |
2091 | -1643 | -1289 |
2092 | -1681 | -1319 |
2093 | -1718 | -1348 |
2094 | -1754 | -1377 |
2095 | -1789 | -1405 |
2096 | -1825 | -1433 |
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