Proposed Provision: E3.7. Increase the taxable maximum by an additional 2 percent per year beginning in 2021 until taxable earnings equal 90 percent of covered earnings. Provide benefit credit for earnings up to the revised taxable maximum. Create a new bend point equal to the current-law taxable maximum with a 5 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 | 245 |
2022 | 229 | 230 |
2023 | 213 | 214 |
2024 | 197 | 198 |
2025 | 180 | 183 |
2026 | 163 | 167 |
2027 | 147 | 152 |
2028 | 130 | 137 |
2029 | 114 | 122 |
2030 | 97 | 108 |
2031 | 80 | 93 |
2032 | 63 | 78 |
2033 | 46 | 63 |
2034 | 28 | 49 |
2035 | 10 | 33 |
2036 | -9 | 18 |
2037 | -28 | 2 |
2038 | -47 | -14 |
2039 | -67 | -30 |
2040 | -87 | -46 |
2041 | -108 | -62 |
2042 | -129 | -78 |
2043 | -150 | -95 |
2044 | -171 | -111 |
2045 | -192 | -127 |
2046 | -213 | -143 |
2047 | -234 | -158 |
2048 | -255 | -174 |
2049 | -276 | -189 |
2050 | -297 | -204 |
2051 | -318 | -219 |
2052 | -338 | -234 |
2053 | -359 | -249 |
2054 | -380 | -263 |
2055 | -401 | -278 |
2056 | -422 | -293 |
2057 | -444 | -308 |
2058 | -465 | -323 |
2059 | -487 | -338 |
2060 | -509 | -353 |
2061 | -531 | -369 |
2062 | -554 | -386 |
2063 | -577 | -403 |
2064 | -601 | -420 |
2065 | -625 | -437 |
2066 | -649 | -455 |
2067 | -674 | -473 |
2068 | -699 | -492 |
2069 | -724 | -511 |
2070 | -749 | -530 |
2071 | -776 | -550 |
2072 | -802 | -571 |
2073 | -830 | -591 |
2074 | -857 | -613 |
2075 | -885 | -634 |
2076 | -914 | -657 |
2077 | -944 | -680 |
2078 | -975 | -704 |
2079 | -1007 | -728 |
2080 | -1039 | -753 |
2081 | -1072 | -779 |
2082 | -1106 | -804 |
2083 | -1139 | -830 |
2084 | -1173 | -857 |
2085 | -1207 | -883 |
2086 | -1242 | -909 |
2087 | -1275 | -935 |
2088 | -1309 | -961 |
2089 | -1342 | -987 |
2090 | -1375 | -1012 |
2091 | -1407 | -1037 |
2092 | -1439 | -1062 |
2093 | -1471 | -1087 |
2094 | -1503 | -1112 |
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