Proposed Provision: E3.14. Eliminate the taxable maximum for the employer payroll tax (6.2 percent) beginning in 2024. For the employee payroll tax (6.2 percent) and for benefit credit purposes, beginning in 2024, increase the taxable maximum by an additional 2 percent per year until taxable earnings equal 90 percent of covered earnings.

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

Year Current Law Provision
2023204204
2024187187
2025168175
2026149164
2027131154
2028114144
202996134
203078124
203160114
203243104
20332594
2034784
2035-1274
2036-3164
2037-5154
2038-7044
2039-9133
2040-11223
2041-13312
2042-1541
2043-176-10
2044-198-21
2045-220-32
2046-243-43
2047-265-54
2048-288-66
2049-311-77
2050-333-89
2051-357-100
2052-380-112
2053-403-124
2054-427-137
2055-450-149
2056-474-162
2057-498-175
2058-522-188
2059-547-201
2060-572-216
2061-597-230
2062-623-245
2063-650-261
2064-677-277
2065-705-293
2066-733-310
2067-762-327
2068-791-345
2069-820-363
2070-850-382
2071-880-400
2072-911-420
2073-942-440
2074-974-460
2075-1006-480
2076-1039-502
2077-1074-523
2078-1108-546
2079-1144-569
2080-1181-592
2081-1218-616
2082-1256-640
2083-1294-664
2084-1333-689
2085-1373-714
2086-1413-739
2087-1453-764
2088-1494-790
2089-1534-815
2090-1574-839
2091-1613-864
2092-1651-888
2093-1689-912
2094-1726-935
2095-1762-958
2096-1798-980
2097-1833-1003
2098-1868-1025
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