Proposed Provision: E2.12. Eliminate the taxable maximum in years 2032 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2023, 2.48 percent in 2024, and so on, up to 12.40 percent in 2032. 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 | 233 |
| 2023 | 217 | 217 |
| 2024 | 200 | 202 |
| 2025 | 183 | 188 |
| 2026 | 165 | 174 |
| 2027 | 148 | 163 |
| 2028 | 130 | 152 |
| 2029 | 112 | 142 |
| 2030 | 94 | 134 |
| 2031 | 76 | 126 |
| 2032 | 58 | 120 |
| 2033 | 39 | 115 |
| 2034 | 20 | 109 |
| 2035 | 1 | 104 |
| 2036 | -19 | 98 |
| 2037 | -38 | 92 |
| 2038 | -59 | 86 |
| 2039 | -80 | 79 |
| 2040 | -101 | 73 |
| 2041 | -122 | 66 |
| 2042 | -144 | 59 |
| 2043 | -166 | 51 |
| 2044 | -188 | 44 |
| 2045 | -210 | 37 |
| 2046 | -232 | 30 |
| 2047 | -255 | 22 |
| 2048 | -277 | 15 |
| 2049 | -299 | 8 |
| 2050 | -322 | 0 |
| 2051 | -344 | -8 |
| 2052 | -367 | -15 |
| 2053 | -389 | -23 |
| 2054 | -412 | -31 |
| 2055 | -434 | -39 |
| 2056 | -457 | -48 |
| 2057 | -480 | -56 |
| 2058 | -504 | -65 |
| 2059 | -527 | -74 |
| 2060 | -551 | -84 |
| 2061 | -575 | -94 |
| 2062 | -599 | -104 |
| 2063 | -624 | -115 |
| 2064 | -650 | -126 |
| 2065 | -676 | -137 |
| 2066 | -702 | -149 |
| 2067 | -728 | -161 |
| 2068 | -755 | -173 |
| 2069 | -782 | -186 |
| 2070 | -809 | -199 |
| 2071 | -837 | -212 |
| 2072 | -866 | -226 |
| 2073 | -895 | -240 |
| 2074 | -925 | -255 |
| 2075 | -955 | -270 |
| 2076 | -986 | -285 |
| 2077 | -1018 | -301 |
| 2078 | -1051 | -317 |
| 2079 | -1084 | -334 |
| 2080 | -1119 | -350 |
| 2081 | -1154 | -367 |
| 2082 | -1190 | -384 |
| 2083 | -1226 | -402 |
| 2084 | -1263 | -419 |
| 2085 | -1300 | -436 |
| 2086 | -1337 | -454 |
| 2087 | -1374 | -471 |
| 2088 | -1411 | -488 |
| 2089 | -1448 | -505 |
| 2090 | -1484 | -522 |
| 2091 | -1520 | -538 |
| 2092 | -1554 | -555 |
| 2093 | -1589 | -571 |
| 2094 | -1623 | -587 |
| 2095 | -1657 | -603 |
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