Proposed Provision: Increase the taxable maximum such that 90 percent of earnings are subject to the payroll tax (phased in 2015-2024). In addition, apply a tax rate of 6.2 percent for earnings above the revised taxable maximum (phased in from 2015-2024). Provide benefit credit for earnings taxed up to the revised taxable maximum.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
| Year |
Present Law |
Provision |
| 2014 | 320 | 320 |
| 2015 | 306 | 306 |
| 2016 | 292 | 294 |
| 2017 | 277 | 282 |
| 2018 | 262 | 272 |
| 2019 | 248 | 263 |
| 2020 | 233 | 255 |
| 2021 | 219 | 249 |
| 2022 | 203 | 242 |
| 2023 | 187 | 234 |
| 2024 | 171 | 227 |
| 2025 | 154 | 220 |
| 2026 | 137 | 212 |
| 2027 | 119 | 204 |
| 2028 | 101 | 196 |
| 2029 | 83 | 187 |
| 2030 | 64 | 178 |
| 2031 | 44 | 168 |
| 2032 | 23 | 158 |
| 2033 | 2 | 147 |
| 2034 | -20 | 136 |
| 2035 | -42 | 124 |
| 2036 | -65 | 112 |
| 2037 | -88 | 100 |
| 2038 | -112 | 88 |
| 2039 | -136 | 76 |
| 2040 | -160 | 63 |
| 2041 | -185 | 51 |
| 2042 | -210 | 39 |
| 2043 | -235 | 26 |
| 2044 | -260 | 14 |
| 2045 | -285 | 2 |
| 2046 | -310 | -11 |
| 2047 | -336 | -24 |
| 2048 | -362 | -37 |
| 2049 | -388 | -50 |
| 2050 | -415 | -63 |
| 2051 | -442 | -76 |
| 2052 | -468 | -89 |
| 2053 | -495 | -103 |
| 2054 | -523 | -117 |
| 2055 | -550 | -131 |
| 2056 | -578 | -146 |
| 2057 | -606 | -161 |
| 2058 | -635 | -176 |
| 2059 | -664 | -192 |
| 2060 | -694 | -208 |
| 2061 | -725 | -225 |
| 2062 | -756 | -242 |
| 2063 | -787 | -259 |
| 2064 | -819 | -277 |
| 2065 | -852 | -296 |
| 2066 | -885 | -314 |
| 2067 | -918 | -333 |
| 2068 | -952 | -353 |
| 2069 | -987 | -373 |
| 2070 | -1022 | -393 |
| 2071 | -1057 | -414 |
| 2072 | -1094 | -436 |
| 2073 | -1132 | -458 |
| 2074 | -1171 | -481 |
| 2075 | -1210 | -504 |
| 2076 | -1251 | -528 |
| 2077 | -1293 | -552 |
| 2078 | -1335 | -577 |
| 2079 | -1378 | -601 |
| 2080 | -1421 | -627 |
| 2081 | -1464 | -652 |
| 2082 | -1507 | -677 |
| 2083 | -1550 | -703 |
| 2084 | -1593 | -728 |
| 2085 | -1636 | -754 |
| 2086 | -1680 | -781 |
| 2087 | -1724 | -807 |
| 2088 | -1769 | -834 |
| 2089 | -1814 | -862 |
back