Proposed Provision: E2.3. Eliminate the taxable maximum in years 2021 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
2020261261
2021248248
2022233248
2023217247
2024200244
2025183241
2026165236
2027148231
2028130225
2029112218
203094212
203176205
203258199
203339193
203420187
20351182
2036-19176
2037-38170
2038-59164
2039-80157
2040-101151
2041-122144
2042-144137
2043-166130
2044-188124
2045-210117
2046-232110
2047-255103
2048-27796
2049-29989
2050-32282
2051-34475
2052-36768
2053-38960
2054-41253
2055-43445
2056-45737
2057-48029
2058-50420
2059-52711
2060-5512
2061-575-7
2062-599-17
2063-624-27
2064-650-37
2065-676-48
2066-702-59
2067-728-71
2068-755-82
2069-782-94
2070-809-107
2071-837-120
2072-866-133
2073-895-147
2074-925-161
2075-955-175
2076-986-189
2077-1018-204
2078-1051-220
2079-1084-235
2080-1119-251
2081-1154-267
2082-1190-283
2083-1226-299
2084-1263-316
2085-1300-332
2086-1337-348
2087-1374-364
2088-1411-380
2089-1448-396
2090-1484-412
2091-1520-428
2092-1554-443
2093-1589-459
2094-1623-474
2095-1657-489
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