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 | 
    
    
      | 2020 | 261 | 261 | 
| 2021 | 248 | 248 | 
| 2022 | 233 | 248 | 
| 2023 | 217 | 247 | 
| 2024 | 200 | 244 | 
| 2025 | 183 | 241 | 
| 2026 | 165 | 236 | 
| 2027 | 148 | 231 | 
| 2028 | 130 | 225 | 
| 2029 | 112 | 218 | 
| 2030 | 94 | 212 | 
| 2031 | 76 | 205 | 
| 2032 | 58 | 199 | 
| 2033 | 39 | 193 | 
| 2034 | 20 | 187 | 
| 2035 | 1 | 182 | 
| 2036 | -19 | 176 | 
| 2037 | -38 | 170 | 
| 2038 | -59 | 164 | 
| 2039 | -80 | 157 | 
| 2040 | -101 | 151 | 
| 2041 | -122 | 144 | 
| 2042 | -144 | 137 | 
| 2043 | -166 | 130 | 
| 2044 | -188 | 124 | 
| 2045 | -210 | 117 | 
| 2046 | -232 | 110 | 
| 2047 | -255 | 103 | 
| 2048 | -277 | 96 | 
| 2049 | -299 | 89 | 
| 2050 | -322 | 82 | 
| 2051 | -344 | 75 | 
| 2052 | -367 | 68 | 
| 2053 | -389 | 60 | 
| 2054 | -412 | 53 | 
| 2055 | -434 | 45 | 
| 2056 | -457 | 37 | 
| 2057 | -480 | 29 | 
| 2058 | -504 | 20 | 
| 2059 | -527 | 11 | 
| 2060 | -551 | 2 | 
| 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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