Proposed Provision: Eliminate the taxable maximum in years 2014 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.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Present Law |
Provision |
2013 | 330 | 330 |
2014 | 315 | 315 |
2015 | 301 | 315 |
2016 | 286 | 316 |
2017 | 271 | 317 |
2018 | 257 | 318 |
2019 | 244 | 320 |
2020 | 231 | 321 |
2021 | 218 | 321 |
2022 | 204 | 320 |
2023 | 189 | 318 |
2024 | 173 | 315 |
2025 | 158 | 312 |
2026 | 142 | 308 |
2027 | 125 | 305 |
2028 | 108 | 301 |
2029 | 90 | 296 |
2030 | 71 | 290 |
2031 | 52 | 285 |
2032 | 31 | 278 |
2033 | 11 | 271 |
2034 | -11 | 264 |
2035 | -32 | 257 |
2036 | -55 | 249 |
2037 | -78 | 242 |
2038 | -101 | 234 |
2039 | -124 | 227 |
2040 | -148 | 219 |
2041 | -172 | 212 |
2042 | -196 | 204 |
2043 | -220 | 197 |
2044 | -245 | 189 |
2045 | -269 | 182 |
2046 | -294 | 174 |
2047 | -319 | 166 |
2048 | -345 | 158 |
2049 | -371 | 150 |
2050 | -397 | 142 |
2051 | -423 | 134 |
2052 | -449 | 125 |
2053 | -476 | 116 |
2054 | -502 | 107 |
2055 | -530 | 98 |
2056 | -557 | 88 |
2057 | -585 | 77 |
2058 | -613 | 67 |
2059 | -642 | 56 |
2060 | -671 | 44 |
2061 | -701 | 32 |
2062 | -732 | 20 |
2063 | -763 | 8 |
2064 | -794 | -5 |
2065 | -826 | -18 |
2066 | -859 | -32 |
2067 | -892 | -46 |
2068 | -925 | -60 |
2069 | -959 | -75 |
2070 | -993 | -90 |
2071 | -1028 | -105 |
2072 | -1064 | -121 |
2073 | -1101 | -137 |
2074 | -1139 | -154 |
2075 | -1178 | -171 |
2076 | -1217 | -188 |
2077 | -1258 | -205 |
2078 | -1299 | -223 |
2079 | -1340 | -241 |
2080 | -1382 | -260 |
2081 | -1424 | -278 |
2082 | -1466 | -297 |
2083 | -1508 | -315 |
2084 | -1550 | -334 |
2085 | -1592 | -354 |
2086 | -1635 | -373 |
2087 | -1678 | -394 |
2088 | -1722 | -414 |
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