Proposed Provision: Beginning in 2023, apply 2 percent payroll tax rate on earnings over the wage-indexed equivalent of $300,000 in 2017, with the threshold wage-indexed after 2023. 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 Present Law Provision
2015308308
2016298298
2017280280
2018264264
2019248248
2020233233
2021219219
2022204204
2023189189
2024173174
2025157160
2026142146
2027126131
2028110117
202994102
20307786
20316070
20324253
20332336
2034418
2035-16-1
2036-36-20
2037-57-39
2038-78-59
2039-100-79
2040-122-99
2041-144-120
2042-166-141
2043-189-162
2044-211-183
2045-234-204
2046-257-226
2047-280-247
2048-303-269
2049-327-291
2050-351-313
2051-375-335
2052-398-358
2053-423-380
2054-447-403
2055-472-426
2056-496-450
2057-522-473
2058-548-498
2059-574-523
2060-601-548
2061-629-574
2062-657-600
2063-685-627
2064-714-655
2065-744-683
2066-774-711
2067-804-740
2068-835-769
2069-867-799
2070-899-830
2071-932-861
2072-965-893
2073-1000-926
2074-1035-959
2075-1072-994
2076-1110-1030
2077-1148-1067
2078-1188-1104
2079-1228-1142
2080-1268-1181
2081-1309-1220
2082-1350-1259
2083-1391-1297
2084-1432-1336
2085-1472-1375
2086-1514-1415
2087-1555-1454
2088-1597-1494
2089-1640-1535
2090-1683-1576
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