Proposed Provision: E3.14. Eliminate the taxable maximum for the employer payroll tax (6.2 percent) beginning in 2021. For the employee payroll tax (6.2 percent) and for benefit credit purposes, beginning in 2021, 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
2020261261
2021248248
2022233240
2023217232
2024200223
2025183213
2026165203
2027148192
2028130181
2029112170
203094159
203176148
203258137
203339127
203420116
20351106
2036-1995
2037-3884
2038-5973
2039-8062
2040-10151
2041-12239
2042-14428
2043-16616
2044-1885
2045-210-7
2046-232-18
2047-255-30
2048-277-41
2049-299-52
2050-322-64
2051-344-75
2052-367-87
2053-389-98
2054-412-110
2055-434-121
2056-457-133
2057-480-145
2058-504-158
2059-527-170
2060-551-183
2061-575-196
2062-599-210
2063-624-224
2064-650-238
2065-676-253
2066-702-268
2067-728-284
2068-755-300
2069-782-316
2070-809-333
2071-837-350
2072-866-368
2073-895-386
2074-925-405
2075-955-424
2076-986-443
2077-1018-463
2078-1051-484
2079-1084-505
2080-1119-526
2081-1154-548
2082-1190-570
2083-1226-593
2084-1263-616
2085-1300-638
2086-1337-661
2087-1374-684
2088-1411-707
2089-1448-730
2090-1484-752
2091-1520-774
2092-1554-796
2093-1589-818
2094-1623-839
2095-1657-861
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