Proposed Provision: E2.12. Eliminate the taxable maximum in years 2033 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2024, 2.48 percent in 2025, and so on, up to 12.40 percent in 2033. 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 |
2021 | 253 | 253 |
2022 | 231 | 231 |
2023 | 214 | 214 |
2024 | 196 | 196 |
2025 | 178 | 179 |
2026 | 159 | 164 |
2027 | 141 | 150 |
2028 | 122 | 138 |
2029 | 104 | 126 |
2030 | 85 | 115 |
2031 | 66 | 105 |
2032 | 46 | 96 |
2033 | 27 | 89 |
2034 | 7 | 82 |
2035 | -13 | 76 |
2036 | -33 | 69 |
2037 | -54 | 62 |
2038 | -76 | 55 |
2039 | -97 | 48 |
2040 | -119 | 41 |
2041 | -142 | 33 |
2042 | -165 | 25 |
2043 | -188 | 17 |
2044 | -211 | 10 |
2045 | -235 | 2 |
2046 | -258 | -7 |
2047 | -282 | -15 |
2048 | -306 | -23 |
2049 | -330 | -31 |
2050 | -354 | -40 |
2051 | -378 | -49 |
2052 | -403 | -58 |
2053 | -427 | -66 |
2054 | -452 | -76 |
2055 | -477 | -85 |
2056 | -502 | -95 |
2057 | -527 | -104 |
2058 | -552 | -114 |
2059 | -578 | -125 |
2060 | -604 | -135 |
2061 | -630 | -146 |
2062 | -657 | -157 |
2063 | -684 | -169 |
2064 | -712 | -181 |
2065 | -740 | -193 |
2066 | -768 | -205 |
2067 | -796 | -218 |
2068 | -825 | -231 |
2069 | -855 | -244 |
2070 | -884 | -258 |
2071 | -914 | -272 |
2072 | -945 | -286 |
2073 | -976 | -301 |
2074 | -1007 | -316 |
2075 | -1039 | -331 |
2076 | -1071 | -347 |
2077 | -1105 | -363 |
2078 | -1139 | -379 |
2079 | -1175 | -396 |
2080 | -1211 | -413 |
2081 | -1248 | -431 |
2082 | -1286 | -449 |
2083 | -1324 | -466 |
2084 | -1363 | -484 |
2085 | -1403 | -502 |
2086 | -1443 | -520 |
2087 | -1483 | -538 |
2088 | -1524 | -556 |
2089 | -1564 | -574 |
2090 | -1604 | -591 |
2091 | -1643 | -608 |
2092 | -1681 | -624 |
2093 | -1718 | -639 |
2094 | -1754 | -655 |
2095 | -1789 | -670 |
2096 | -1825 | -685 |
back