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 |
2023 | 204 | 204 |
2024 | 187 | 187 |
2025 | 168 | 168 |
2026 | 149 | 149 |
2027 | 131 | 133 |
2028 | 114 | 118 |
2029 | 96 | 105 |
2030 | 78 | 93 |
2031 | 60 | 83 |
2032 | 43 | 74 |
2033 | 25 | 66 |
2034 | 7 | 59 |
2035 | -12 | 54 |
2036 | -31 | 50 |
2037 | -51 | 46 |
2038 | -70 | 41 |
2039 | -91 | 36 |
2040 | -112 | 30 |
2041 | -133 | 24 |
2042 | -154 | 19 |
2043 | -176 | 13 |
2044 | -198 | 6 |
2045 | -220 | 0 |
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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