Proposed Provision: E2.3. Eliminate the taxable maximum in years 2022 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 |
2021 | 253 | 253 |
2022 | 231 | 231 |
2023 | 214 | 230 |
2024 | 196 | 227 |
2025 | 178 | 224 |
2026 | 159 | 219 |
2027 | 141 | 214 |
2028 | 122 | 207 |
2029 | 104 | 200 |
2030 | 85 | 193 |
2031 | 66 | 186 |
2032 | 46 | 179 |
2033 | 27 | 172 |
2034 | 7 | 164 |
2035 | -13 | 158 |
2036 | -33 | 152 |
2037 | -54 | 146 |
2038 | -76 | 140 |
2039 | -97 | 133 |
2040 | -119 | 126 |
2041 | -142 | 120 |
2042 | -165 | 113 |
2043 | -188 | 106 |
2044 | -211 | 99 |
2045 | -235 | 91 |
2046 | -258 | 84 |
2047 | -282 | 77 |
2048 | -306 | 69 |
2049 | -330 | 62 |
2050 | -354 | 54 |
2051 | -378 | 46 |
2052 | -403 | 38 |
2053 | -427 | 29 |
2054 | -452 | 21 |
2055 | -477 | 12 |
2056 | -502 | 3 |
2057 | -527 | -6 |
2058 | -552 | -16 |
2059 | -578 | -25 |
2060 | -604 | -35 |
2061 | -630 | -46 |
2062 | -657 | -56 |
2063 | -684 | -67 |
2064 | -712 | -79 |
2065 | -740 | -90 |
2066 | -768 | -102 |
2067 | -796 | -114 |
2068 | -825 | -126 |
2069 | -855 | -139 |
2070 | -884 | -152 |
2071 | -914 | -165 |
2072 | -945 | -179 |
2073 | -976 | -193 |
2074 | -1007 | -207 |
2075 | -1039 | -222 |
2076 | -1071 | -237 |
2077 | -1105 | -252 |
2078 | -1139 | -267 |
2079 | -1175 | -283 |
2080 | -1211 | -300 |
2081 | -1248 | -316 |
2082 | -1286 | -332 |
2083 | -1324 | -349 |
2084 | -1363 | -366 |
2085 | -1403 | -382 |
2086 | -1443 | -399 |
2087 | -1483 | -416 |
2088 | -1524 | -432 |
2089 | -1564 | -449 |
2090 | -1604 | -465 |
2091 | -1643 | -480 |
2092 | -1681 | -495 |
2093 | -1718 | -510 |
2094 | -1754 | -524 |
2095 | -1789 | -539 |
2096 | -1825 | -553 |
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