Proposed Provision: E2.3. Eliminate the taxable maximum in years 2020 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 |
2019 | 273 | 273 |
2020 | 260 | 260 |
2021 | 245 | 260 |
2022 | 229 | 260 |
2023 | 213 | 259 |
2024 | 197 | 256 |
2025 | 180 | 253 |
2026 | 163 | 249 |
2027 | 147 | 245 |
2028 | 130 | 240 |
2029 | 114 | 235 |
2030 | 97 | 231 |
2031 | 80 | 226 |
2032 | 63 | 222 |
2033 | 46 | 217 |
2034 | 28 | 213 |
2035 | 10 | 209 |
2036 | -9 | 205 |
2037 | -28 | 200 |
2038 | -47 | 195 |
2039 | -67 | 190 |
2040 | -87 | 184 |
2041 | -108 | 179 |
2042 | -129 | 174 |
2043 | -150 | 169 |
2044 | -171 | 164 |
2045 | -192 | 159 |
2046 | -213 | 154 |
2047 | -234 | 149 |
2048 | -255 | 144 |
2049 | -276 | 140 |
2050 | -297 | 135 |
2051 | -318 | 130 |
2052 | -338 | 126 |
2053 | -359 | 121 |
2054 | -380 | 116 |
2055 | -401 | 111 |
2056 | -422 | 105 |
2057 | -444 | 100 |
2058 | -465 | 94 |
2059 | -487 | 88 |
2060 | -509 | 82 |
2061 | -531 | 75 |
2062 | -554 | 68 |
2063 | -577 | 61 |
2064 | -601 | 54 |
2065 | -625 | 46 |
2066 | -649 | 38 |
2067 | -674 | 29 |
2068 | -699 | 21 |
2069 | -724 | 11 |
2070 | -749 | 2 |
2071 | -776 | -8 |
2072 | -802 | -18 |
2073 | -830 | -28 |
2074 | -857 | -39 |
2075 | -885 | -50 |
2076 | -914 | -61 |
2077 | -944 | -73 |
2078 | -975 | -84 |
2079 | -1007 | -96 |
2080 | -1039 | -108 |
2081 | -1072 | -120 |
2082 | -1106 | -132 |
2083 | -1139 | -144 |
2084 | -1173 | -156 |
2085 | -1207 | -169 |
2086 | -1242 | -181 |
2087 | -1275 | -193 |
2088 | -1309 | -205 |
2089 | -1342 | -217 |
2090 | -1375 | -229 |
2091 | -1407 | -241 |
2092 | -1439 | -253 |
2093 | -1471 | -265 |
2094 | -1503 | -278 |
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