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
2021253253
2022231231
2023214214
2024196196
2025178179
2026159164
2027141150
2028122138
2029104126
203085115
203166105
20324696
20332789
2034782
2035-1376
2036-3369
2037-5462
2038-7655
2039-9748
2040-11941
2041-14233
2042-16525
2043-18817
2044-21110
2045-2352
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
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