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 |
2023 | 204 | 204 |
2024 | 187 | 187 |
2025 | 168 | 175 |
2026 | 149 | 164 |
2027 | 131 | 154 |
2028 | 114 | 144 |
2029 | 96 | 134 |
2030 | 78 | 124 |
2031 | 60 | 114 |
2032 | 43 | 104 |
2033 | 25 | 94 |
2034 | 7 | 84 |
2035 | -12 | 74 |
2036 | -31 | 64 |
2037 | -51 | 54 |
2038 | -70 | 44 |
2039 | -91 | 33 |
2040 | -112 | 23 |
2041 | -133 | 12 |
2042 | -154 | 1 |
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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