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, 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
2013330330
2014315315
2015301315
2016286316
2017271317
2018257318
2019244320
2020231321
2021218321
2022204320
2023189318
2024173315
2025158312
2026142309
2027125306
2028108302
202990298
203071293
203152287
203231281
203311275
2034-11268
2035-32262
2036-55255
2037-78248
2038-101241
2039-124235
2040-148229
2041-172222
2042-196216
2043-220210
2044-245204
2045-269198
2046-294192
2047-319186
2048-345180
2049-371174
2050-397168
2051-423161
2052-449155
2053-476148
2054-502141
2055-530134
2056-557126
2057-585119
2058-613111
2059-642102
2060-67193
2061-70184
2062-73275
2063-76365
2064-79456
2065-82645
2066-85935
2067-89224
2068-92513
2069-9591
2070-993-11
2071-1028-23
2072-1064-35
2073-1101-48
2074-1139-61
2075-1178-75
2076-1217-88
2077-1258-102
2078-1299-116
2079-1340-130
2080-1382-145
2081-1424-159
2082-1466-174
2083-1508-189
2084-1550-204
2085-1592-220
2086-1635-235
2087-1678-251
2088-1722-268
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