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
2010355355
2011353353
2012350351
2013346349
2014341348
2015335349
2016330350
2017324352
2018317354
2019309356
2020299357
2021289357
2022277355
2023264353
2024251350
2025237345
2026221340
2027205334
2028189328
2029171321
2030154314
2031136306
2032117298
203398290
203479282
203559273
203639265
203719257
2038-1249
2039-21241
2040-42233
2041-63226
2042-84218
2043-105211
2044-126203
2045-147196
2046-168189
2047-189181
2048-211174
2049-233166
2050-255159
2051-277151
2052-299144
2053-321136
2054-344128
2055-366119
2056-389111
2057-412102
2058-43693
2059-46084
2060-48574
2061-50964
2062-53454
2063-56044
2064-58634
2065-61223
2066-63812
2067-6651
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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