Proposed Provision: E2.1. Eliminate the taxable maximum in years 2020 and later, and apply full 12.4 percent payroll tax rate to all earnings. Do not provide benefit credit for earnings above the current-law taxable maximum.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Current Law |
Provision |
2019 | 273 | 273 |
2020 | 260 | 260 |
2021 | 245 | 260 |
2022 | 229 | 260 |
2023 | 213 | 259 |
2024 | 197 | 257 |
2025 | 180 | 254 |
2026 | 163 | 250 |
2027 | 147 | 246 |
2028 | 130 | 242 |
2029 | 114 | 238 |
2030 | 97 | 234 |
2031 | 80 | 230 |
2032 | 63 | 226 |
2033 | 46 | 223 |
2034 | 28 | 220 |
2035 | 10 | 216 |
2036 | -9 | 213 |
2037 | -28 | 209 |
2038 | -47 | 205 |
2039 | -67 | 201 |
2040 | -87 | 197 |
2041 | -108 | 194 |
2042 | -129 | 190 |
2043 | -150 | 186 |
2044 | -171 | 183 |
2045 | -192 | 179 |
2046 | -213 | 176 |
2047 | -234 | 173 |
2048 | -255 | 170 |
2049 | -276 | 167 |
2050 | -297 | 164 |
2051 | -318 | 161 |
2052 | -338 | 158 |
2053 | -359 | 155 |
2054 | -380 | 152 |
2055 | -401 | 149 |
2056 | -422 | 145 |
2057 | -444 | 142 |
2058 | -465 | 138 |
2059 | -487 | 134 |
2060 | -509 | 129 |
2061 | -531 | 125 |
2062 | -554 | 120 |
2063 | -577 | 114 |
2064 | -601 | 109 |
2065 | -625 | 103 |
2066 | -649 | 97 |
2067 | -674 | 91 |
2068 | -699 | 84 |
2069 | -724 | 77 |
2070 | -749 | 70 |
2071 | -776 | 62 |
2072 | -802 | 54 |
2073 | -830 | 46 |
2074 | -857 | 37 |
2075 | -885 | 28 |
2076 | -914 | 19 |
2077 | -944 | 10 |
2078 | -975 | 1 |
2079 | -1007 | -9 |
2080 | -1039 | -18 |
2081 | -1072 | -28 |
2082 | -1106 | -37 |
2083 | -1139 | -47 |
2084 | -1173 | -56 |
2085 | -1207 | -65 |
2086 | -1242 | -75 |
2087 | -1275 | -84 |
2088 | -1309 | -94 |
2089 | -1342 | -103 |
2090 | -1375 | -112 |
2091 | -1407 | -122 |
2092 | -1439 | -132 |
2093 | -1471 | -141 |
2094 | -1503 | -152 |
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