Proposed Provision: E3.12. Beginning in 2030, apply 2 percent payroll tax rate on earnings over the wage-indexed equivalent of $400,000 in 2017 (about $663,300 in 2030), with the threshold wage-indexed after 2030. 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
2022230230
2023211211
2024194194
2025177177
2026160160
2027143143
2028126126
2029109109
20309191
20317475
20325759
20333942
20342126
203538
2036-16-9
2037-35-27
2038-54-46
2039-74-65
2040-95-84
2041-116-104
2042-137-124
2043-158-144
2044-180-165
2045-202-186
2046-224-206
2047-246-228
2048-268-249
2049-291-270
2050-313-292
2051-336-313
2052-359-335
2053-383-358
2054-406-380
2055-430-402
2056-453-425
2057-477-448
2058-501-471
2059-525-494
2060-550-518
2061-575-542
2062-601-566
2063-627-591
2064-654-617
2065-681-643
2066-708-669
2067-736-696
2068-764-723
2069-792-750
2070-821-778
2071-850-806
2072-880-835
2073-910-864
2074-940-893
2075-971-923
2076-1003-954
2077-1036-986
2078-1069-1018
2079-1104-1051
2080-1139-1086
2081-1175-1120
2082-1212-1156
2083-1249-1192
2084-1286-1228
2085-1324-1265
2086-1363-1302
2087-1402-1340
2088-1442-1378
2089-1481-1416
2090-1520-1454
2091-1558-1491
2092-1595-1527
2093-1632-1563
2094-1668-1597
2095-1703-1632
2096-1738-1666
2097-1773-1699
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