Proposed Provision: E3.10. Beginning in 2031, apply 2 percent payroll tax rate on earnings over the wage-indexed equivalent of $300,000 in 2017 (about $522,300 in 2031), with the threshold wage-indexed after 2031. Provide proportional benefit credit for additional earnings taxed, based on the payroll tax rate applied to the additional earnings divided by the full 12.4 percent payroll tax rate.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2023204204
2024187187
2025168168
2026149149
2027131131
2028114114
20299696
20307878
20316060
20324344
20332527
2034711
2035-12-7
2036-31-25
2037-51-43
2038-70-62
2039-91-81
2040-112-100
2041-133-120
2042-154-140
2043-176-161
2044-198-181
2045-220-202
2046-243-223
2047-265-244
2048-288-265
2049-311-287
2050-333-308
2051-357-330
2052-380-352
2053-403-374
2054-427-396
2055-450-418
2056-474-441
2057-498-464
2058-522-486
2059-547-510
2060-572-534
2061-597-558
2062-623-583
2063-650-608
2064-677-634
2065-705-661
2066-733-688
2067-762-715
2068-791-743
2069-820-771
2070-850-799
2071-880-828
2072-911-858
2073-942-888
2074-974-918
2075-1006-949
2076-1039-981
2077-1074-1014
2078-1108-1047
2079-1144-1082
2080-1181-1117
2081-1218-1153
2082-1256-1189
2083-1294-1226
2084-1333-1264
2085-1373-1301
2086-1413-1340
2087-1453-1379
2088-1494-1417
2089-1534-1456
2090-1574-1494
2091-1613-1532
2092-1651-1569
2093-1689-1605
2094-1726-1641
2095-1762-1676
2096-1798-1710
2097-1833-1744
2098-1868-1778
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