Proposed Provision: E2.3. Eliminate the taxable maximum in years 2018 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. Create a new bend point at the current-law taxable maximum with a 3 percent formula factor applying above the new bend point.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Current Law |
Provision |
2017 | 298 | 298 |
2018 | 287 | 287 |
2019 | 273 | 288 |
2020 | 259 | 290 |
2021 | 245 | 291 |
2022 | 230 | 291 |
2023 | 215 | 289 |
2024 | 199 | 286 |
2025 | 182 | 282 |
2026 | 165 | 276 |
2027 | 148 | 271 |
2028 | 130 | 265 |
2029 | 112 | 259 |
2030 | 94 | 253 |
2031 | 75 | 247 |
2032 | 56 | 241 |
2033 | 37 | 235 |
2034 | 16 | 228 |
2035 | -4 | 222 |
2036 | -26 | 215 |
2037 | -47 | 207 |
2038 | -70 | 200 |
2039 | -92 | 193 |
2040 | -115 | 187 |
2041 | -138 | 180 |
2042 | -161 | 174 |
2043 | -184 | 167 |
2044 | -207 | 161 |
2045 | -230 | 155 |
2046 | -253 | 149 |
2047 | -276 | 143 |
2048 | -300 | 138 |
2049 | -323 | 132 |
2050 | -346 | 127 |
2051 | -370 | 121 |
2052 | -393 | 115 |
2053 | -417 | 110 |
2054 | -440 | 104 |
2055 | -464 | 97 |
2056 | -487 | 91 |
2057 | -511 | 85 |
2058 | -536 | 78 |
2059 | -560 | 71 |
2060 | -585 | 63 |
2061 | -611 | 55 |
2062 | -637 | 48 |
2063 | -663 | 39 |
2064 | -690 | 31 |
2065 | -717 | 22 |
2066 | -745 | 13 |
2067 | -772 | 3 |
2068 | -801 | -6 |
2069 | -829 | -17 |
2070 | -858 | -27 |
2071 | -888 | -38 |
2072 | -918 | -49 |
2073 | -949 | -60 |
2074 | -981 | -72 |
2075 | -1014 | -84 |
2076 | -1047 | -96 |
2077 | -1082 | -108 |
2078 | -1117 | -121 |
2079 | -1153 | -134 |
2080 | -1190 | -146 |
2081 | -1227 | -159 |
2082 | -1264 | -172 |
2083 | -1300 | -186 |
2084 | -1337 | -199 |
2085 | -1374 | -212 |
2086 | -1410 | -226 |
2087 | -1446 | -239 |
2088 | -1483 | -253 |
2089 | -1520 | -267 |
2090 | -1557 | -282 |
2091 | -1595 | -296 |
2092 | -1633 | -311 |
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