Proposed Provision: Eliminate the taxable maximum in years 2012 and later, and apply full 12.4 percent payroll tax rate to all earnings. Provide benefit credit for earnings above the current-law taxable maximum, adding a bend point at the current-law taxable maximum and applying a formula factor of 3 percent for AIME above this new bend point.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Present Law Provision
2011353353
2012347347
2013341356
2014334366
2015328375
2016321385
2017314393
2018306400
2019296404
2020284407
2021272408
2022259408
2023245408
2024230406
2025214404
2026198402
2027181398
2028164394
2029145390
2030127385
2031107380
203287375
203367370
203446365
203525360
20364355
2037-18350
2038-40345
2039-62341
2040-85337
2041-108333
2042-130329
2043-153325
2044-176322
2045-200318
2046-223315
2047-247312
2048-271308
2049-295305
2050-319302
2051-343299
2052-368295
2053-393291
2054-418288
2055-443284
2056-468280
2057-494275
2058-521271
2059-548266
2060-575262
2061-602257
2062-630252
2063-659247
2064-687242
2065-716237
2066-746232
2067-775226
2068-805220
2069-835214
2070-866208
2071-897201
2072-928194
2073-960187
2074-992180
2075-1025173
2076-1058165
2077-1092157
2078-1126149
2079-1161140
2080-1196131
2081-1232122
2082-1268113
2083-1305103
2084-134294
2085-138083
2086-141973
back