Proposed Provision: E2.17. Apply 12.4 percent payroll tax rate on earnings above $400,000 starting in 2024 and tax all earnings once the current-law taxable maximum exceeds $400,000. Do not provide benefit credit for additional earnings taxed.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
| Year |
Current Law |
Provision |
| 2023 | 204 | 204 |
| 2024 | 187 | 187 |
| 2025 | 168 | 175 |
| 2026 | 149 | 164 |
| 2027 | 131 | 153 |
| 2028 | 114 | 143 |
| 2029 | 96 | 134 |
| 2030 | 78 | 124 |
| 2031 | 60 | 115 |
| 2032 | 43 | 105 |
| 2033 | 25 | 96 |
| 2034 | 7 | 87 |
| 2035 | -12 | 79 |
| 2036 | -31 | 71 |
| 2037 | -51 | 62 |
| 2038 | -70 | 54 |
| 2039 | -91 | 46 |
| 2040 | -112 | 37 |
| 2041 | -133 | 29 |
| 2042 | -154 | 21 |
| 2043 | -176 | 14 |
| 2044 | -198 | 6 |
| 2045 | -220 | -1 |
| 2046 | -243 | -7 |
| 2047 | -265 | -14 |
| 2048 | -288 | -20 |
| 2049 | -311 | -26 |
| 2050 | -333 | -32 |
| 2051 | -357 | -39 |
| 2052 | -380 | -45 |
| 2053 | -403 | -52 |
| 2054 | -427 | -59 |
| 2055 | -450 | -67 |
| 2056 | -474 | -74 |
| 2057 | -498 | -82 |
| 2058 | -522 | -90 |
| 2059 | -547 | -99 |
| 2060 | -572 | -108 |
| 2061 | -597 | -118 |
| 2062 | -623 | -127 |
| 2063 | -650 | -138 |
| 2064 | -677 | -148 |
| 2065 | -705 | -159 |
| 2066 | -733 | -171 |
| 2067 | -762 | -182 |
| 2068 | -791 | -194 |
| 2069 | -820 | -207 |
| 2070 | -850 | -219 |
| 2071 | -880 | -232 |
| 2072 | -911 | -246 |
| 2073 | -942 | -259 |
| 2074 | -974 | -273 |
| 2075 | -1006 | -288 |
| 2076 | -1039 | -302 |
| 2077 | -1074 | -317 |
| 2078 | -1108 | -333 |
| 2079 | -1144 | -348 |
| 2080 | -1181 | -364 |
| 2081 | -1218 | -380 |
| 2082 | -1256 | -397 |
| 2083 | -1294 | -413 |
| 2084 | -1333 | -429 |
| 2085 | -1373 | -446 |
| 2086 | -1413 | -462 |
| 2087 | -1453 | -478 |
| 2088 | -1494 | -495 |
| 2089 | -1534 | -511 |
| 2090 | -1574 | -526 |
| 2091 | -1613 | -541 |
| 2092 | -1651 | -556 |
| 2093 | -1689 | -571 |
| 2094 | -1726 | -585 |
| 2095 | -1762 | -598 |
| 2096 | -1798 | -612 |
| 2097 | -1833 | -625 |
| 2098 | -1868 | -639 |
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