Proposed Provision: E3.15. Increase the taxable maximum such that 90 percent of earnings are subject to the payroll tax (phased in 2024-2033). In addition, apply a tax rate of 6.2 percent for earnings above the revised taxable maximum (phased in from 2024-2033). Provide benefit credit for earnings taxed up to the revised taxable maximum.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Current Law |
Provision |
2023 | 204 | 204 |
2024 | 187 | 187 |
2025 | 168 | 169 |
2026 | 149 | 154 |
2027 | 131 | 141 |
2028 | 114 | 128 |
2029 | 96 | 117 |
2030 | 78 | 107 |
2031 | 60 | 97 |
2032 | 43 | 88 |
2033 | 25 | 80 |
2034 | 7 | 72 |
2035 | -12 | 64 |
2036 | -31 | 56 |
2037 | -51 | 47 |
2038 | -70 | 38 |
2039 | -91 | 29 |
2040 | -112 | 19 |
2041 | -133 | 9 |
2042 | -154 | -1 |
2043 | -176 | -11 |
2044 | -198 | -21 |
2045 | -220 | -32 |
2046 | -243 | -42 |
2047 | -265 | -53 |
2048 | -288 | -65 |
2049 | -311 | -76 |
2050 | -333 | -87 |
2051 | -357 | -99 |
2052 | -380 | -111 |
2053 | -403 | -124 |
2054 | -427 | -136 |
2055 | -450 | -149 |
2056 | -474 | -162 |
2057 | -498 | -176 |
2058 | -522 | -190 |
2059 | -547 | -204 |
2060 | -572 | -219 |
2061 | -597 | -235 |
2062 | -623 | -251 |
2063 | -650 | -267 |
2064 | -677 | -284 |
2065 | -705 | -302 |
2066 | -733 | -319 |
2067 | -762 | -338 |
2068 | -791 | -356 |
2069 | -820 | -375 |
2070 | -850 | -395 |
2071 | -880 | -415 |
2072 | -911 | -435 |
2073 | -942 | -456 |
2074 | -974 | -477 |
2075 | -1006 | -499 |
2076 | -1039 | -521 |
2077 | -1074 | -544 |
2078 | -1108 | -568 |
2079 | -1144 | -592 |
2080 | -1181 | -616 |
2081 | -1218 | -641 |
2082 | -1256 | -666 |
2083 | -1294 | -692 |
2084 | -1333 | -718 |
2085 | -1373 | -744 |
2086 | -1413 | -770 |
2087 | -1453 | -797 |
2088 | -1494 | -823 |
2089 | -1534 | -850 |
2090 | -1574 | -876 |
2091 | -1613 | -901 |
2092 | -1651 | -926 |
2093 | -1689 | -951 |
2094 | -1726 | -975 |
2095 | -1762 | -999 |
2096 | -1798 | -1023 |
2097 | -1833 | -1046 |
2098 | -1868 | -1069 |
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