Proposed Provision: Make 90% of the earnings subject to the payroll tax (phased in 2011-2020). In addition, apply a tax rate of 6.2 percent for earnings above the revised taxable maximum, phased in from 2011-2020. This additional tax rate would be paid by employers on wages of their employees, and by self-employed workers on their earnings. Benefit computations for workers would only reflect earnings below the revised taxable maximum.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Present Law |
Provision |
2010 | 355 | 355 |
2011 | 353 | 353 |
2012 | 350 | 351 |
2013 | 346 | 349 |
2014 | 341 | 348 |
2015 | 335 | 349 |
2016 | 330 | 350 |
2017 | 324 | 352 |
2018 | 317 | 354 |
2019 | 309 | 356 |
2020 | 299 | 357 |
2021 | 289 | 357 |
2022 | 277 | 355 |
2023 | 264 | 353 |
2024 | 251 | 350 |
2025 | 237 | 345 |
2026 | 221 | 340 |
2027 | 205 | 334 |
2028 | 189 | 328 |
2029 | 171 | 321 |
2030 | 154 | 314 |
2031 | 136 | 306 |
2032 | 117 | 298 |
2033 | 98 | 290 |
2034 | 79 | 282 |
2035 | 59 | 273 |
2036 | 39 | 265 |
2037 | 19 | 257 |
2038 | -1 | 249 |
2039 | -21 | 241 |
2040 | -42 | 233 |
2041 | -63 | 226 |
2042 | -84 | 218 |
2043 | -105 | 211 |
2044 | -126 | 203 |
2045 | -147 | 196 |
2046 | -168 | 189 |
2047 | -189 | 181 |
2048 | -211 | 174 |
2049 | -233 | 166 |
2050 | -255 | 159 |
2051 | -277 | 151 |
2052 | -299 | 144 |
2053 | -321 | 136 |
2054 | -344 | 128 |
2055 | -366 | 119 |
2056 | -389 | 111 |
2057 | -412 | 102 |
2058 | -436 | 93 |
2059 | -460 | 84 |
2060 | -485 | 74 |
2061 | -509 | 64 |
2062 | -534 | 54 |
2063 | -560 | 44 |
2064 | -586 | 34 |
2065 | -612 | 23 |
2066 | -638 | 12 |
2067 | -665 | 1 |
2068 | -692 | -11 |
2069 | -720 | -23 |
2070 | -748 | -35 |
2071 | -776 | -48 |
2072 | -805 | -61 |
2073 | -834 | -74 |
2074 | -864 | -88 |
2075 | -894 | -102 |
2076 | -925 | -116 |
2077 | -957 | -131 |
2078 | -989 | -146 |
2079 | -1021 | -161 |
2080 | -1054 | -177 |
2081 | -1087 | -193 |
2082 | -1121 | -210 |
2083 | -1156 | -227 |
2084 | -1191 | -244 |
2085 | -1227 | -261 |
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