Proposed Provision: E2.12. Eliminate the taxable maximum in years 2035 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2026, 2.48 percent in 2027, and so on, up to 12.40 percent in 2035. 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
2023204204
2024187187
2025168168
2026149149
2027131133
2028114118
202996105
20307893
20316083
20324374
20332566
2034759
2035-1254
2036-3150
2037-5146
2038-7041
2039-9136
2040-11230
2041-13324
2042-15419
2043-17613
2044-1986
2045-2200
2046-243-6
2047-265-13
2048-288-20
2049-311-27
2050-333-34
2051-357-41
2052-380-49
2053-403-57
2054-427-65
2055-450-74
2056-474-82
2057-498-92
2058-522-101
2059-547-111
2060-572-122
2061-597-133
2062-623-144
2063-650-156
2064-677-168
2065-705-181
2066-733-194
2067-762-207
2068-791-221
2069-820-235
2070-850-250
2071-880-264
2072-911-280
2073-942-295
2074-974-311
2075-1006-327
2076-1039-344
2077-1074-361
2078-1108-378
2079-1144-396
2080-1181-414
2081-1218-433
2082-1256-451
2083-1294-470
2084-1333-489
2085-1373-508
2086-1413-526
2087-1453-545
2088-1494-564
2089-1534-582
2090-1574-601
2091-1613-618
2092-1651-636
2093-1689-653
2094-1726-669
2095-1762-685
2096-1798-701
2097-1833-717
2098-1868-733
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