Proposed Provision: E2.3. Eliminate the taxable maximum in years 2019 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 |
2018 | 288 | 288 |
2019 | 272 | 272 |
2020 | 256 | 271 |
2021 | 239 | 270 |
2022 | 223 | 268 |
2023 | 206 | 265 |
2024 | 188 | 261 |
2025 | 171 | 257 |
2026 | 154 | 252 |
2027 | 137 | 247 |
2028 | 120 | 242 |
2029 | 104 | 237 |
2030 | 86 | 232 |
2031 | 69 | 227 |
2032 | 51 | 222 |
2033 | 33 | 218 |
2034 | 14 | 213 |
2035 | -5 | 208 |
2036 | -25 | 202 |
2037 | -46 | 196 |
2038 | -67 | 191 |
2039 | -88 | 185 |
2040 | -110 | 179 |
2041 | -132 | 173 |
2042 | -154 | 167 |
2043 | -176 | 161 |
2044 | -199 | 156 |
2045 | -221 | 150 |
2046 | -244 | 145 |
2047 | -267 | 140 |
2048 | -289 | 135 |
2049 | -312 | 129 |
2050 | -335 | 124 |
2051 | -358 | 119 |
2052 | -381 | 114 |
2053 | -403 | 108 |
2054 | -426 | 103 |
2055 | -450 | 97 |
2056 | -473 | 91 |
2057 | -496 | 85 |
2058 | -520 | 79 |
2059 | -544 | 72 |
2060 | -569 | 65 |
2061 | -594 | 58 |
2062 | -619 | 50 |
2063 | -645 | 43 |
2064 | -671 | 34 |
2065 | -698 | 26 |
2066 | -725 | 17 |
2067 | -752 | 8 |
2068 | -780 | -1 |
2069 | -808 | -11 |
2070 | -837 | -21 |
2071 | -866 | -32 |
2072 | -896 | -43 |
2073 | -927 | -54 |
2074 | -958 | -65 |
2075 | -990 | -77 |
2076 | -1023 | -89 |
2077 | -1057 | -102 |
2078 | -1092 | -114 |
2079 | -1128 | -127 |
2080 | -1165 | -140 |
2081 | -1202 | -153 |
2082 | -1240 | -166 |
2083 | -1278 | -179 |
2084 | -1316 | -193 |
2085 | -1354 | -206 |
2086 | -1392 | -219 |
2087 | -1430 | -233 |
2088 | -1468 | -246 |
2089 | -1505 | -259 |
2090 | -1543 | -273 |
2091 | -1580 | -287 |
2092 | -1618 | -301 |
2093 | -1655 | -315 |
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