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
2023204204
2024187187
2025168169
2026149154
2027131141
2028114128
202996117
203078107
20316097
20324388
20332580
2034772
2035-1264
2036-3156
2037-5147
2038-7038
2039-9129
2040-11219
2041-1339
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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