Proposed Provision: E2.3. Eliminate the taxable maximum in years 2020 and later, and apply full 12.4 percent payroll tax rate to all earnings. Provide benefit credit for earnings above the current-law taxable maximum.  Create a new bend point at the current-law taxable maximum with a 3 percent formula factor applying above the new bend point.
  
    OASDI Trust Fund Ratio
    (assets as a percentage of annual expenditures)
    
    
    
    
    
      
        | Year | Current Law | Provision | 
    
    
      | 2019 | 273 | 273 | 
| 2020 | 260 | 260 | 
| 2021 | 245 | 260 | 
| 2022 | 229 | 260 | 
| 2023 | 213 | 259 | 
| 2024 | 197 | 256 | 
| 2025 | 180 | 253 | 
| 2026 | 163 | 249 | 
| 2027 | 147 | 245 | 
| 2028 | 130 | 240 | 
| 2029 | 114 | 235 | 
| 2030 | 97 | 231 | 
| 2031 | 80 | 226 | 
| 2032 | 63 | 222 | 
| 2033 | 46 | 217 | 
| 2034 | 28 | 213 | 
| 2035 | 10 | 209 | 
| 2036 | -9 | 205 | 
| 2037 | -28 | 200 | 
| 2038 | -47 | 195 | 
| 2039 | -67 | 190 | 
| 2040 | -87 | 184 | 
| 2041 | -108 | 179 | 
| 2042 | -129 | 174 | 
| 2043 | -150 | 169 | 
| 2044 | -171 | 164 | 
| 2045 | -192 | 159 | 
| 2046 | -213 | 154 | 
| 2047 | -234 | 149 | 
| 2048 | -255 | 144 | 
| 2049 | -276 | 140 | 
| 2050 | -297 | 135 | 
| 2051 | -318 | 130 | 
| 2052 | -338 | 126 | 
| 2053 | -359 | 121 | 
| 2054 | -380 | 116 | 
| 2055 | -401 | 111 | 
| 2056 | -422 | 105 | 
| 2057 | -444 | 100 | 
| 2058 | -465 | 94 | 
| 2059 | -487 | 88 | 
| 2060 | -509 | 82 | 
| 2061 | -531 | 75 | 
| 2062 | -554 | 68 | 
| 2063 | -577 | 61 | 
| 2064 | -601 | 54 | 
| 2065 | -625 | 46 | 
| 2066 | -649 | 38 | 
| 2067 | -674 | 29 | 
| 2068 | -699 | 21 | 
| 2069 | -724 | 11 | 
| 2070 | -749 | 2 | 
| 2071 | -776 | -8 | 
| 2072 | -802 | -18 | 
| 2073 | -830 | -28 | 
| 2074 | -857 | -39 | 
| 2075 | -885 | -50 | 
| 2076 | -914 | -61 | 
| 2077 | -944 | -73 | 
| 2078 | -975 | -84 | 
| 2079 | -1007 | -96 | 
| 2080 | -1039 | -108 | 
| 2081 | -1072 | -120 | 
| 2082 | -1106 | -132 | 
| 2083 | -1139 | -144 | 
| 2084 | -1173 | -156 | 
| 2085 | -1207 | -169 | 
| 2086 | -1242 | -181 | 
| 2087 | -1275 | -193 | 
| 2088 | -1309 | -205 | 
| 2089 | -1342 | -217 | 
| 2090 | -1375 | -229 | 
| 2091 | -1407 | -241 | 
| 2092 | -1439 | -253 | 
| 2093 | -1471 | -265 | 
| 2094 | -1503 | -278 | 
    
  
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