Proposed Provision: E3.7. Increase the taxable maximum by an additional 2 percent per year beginning in 2023 until taxable earnings equal 90 percent of covered earnings. Provide benefit credit for earnings up to the revised taxable maximum. Create a new bend point equal to the current-law taxable maximum with a 5 percent formula factor applying above the new bend point.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2021253253
2022231231
2023214214
2024196196
2025178179
2026159161
2027141143
2028122126
2029104109
20308591
20316674
20324656
20332739
2034722
2035-134
2036-33-14
2037-54-32
2038-76-50
2039-97-68
2040-119-87
2041-142-105
2042-165-124
2043-188-143
2044-211-162
2045-235-181
2046-258-200
2047-282-219
2048-306-238
2049-330-257
2050-354-276
2051-378-295
2052-403-314
2053-427-333
2054-452-352
2055-477-371
2056-502-390
2057-527-409
2058-552-428
2059-578-448
2060-604-467
2061-630-487
2062-657-508
2063-684-529
2064-712-550
2065-740-571
2066-768-593
2067-796-616
2068-825-638
2069-855-661
2070-884-684
2071-914-708
2072-945-732
2073-976-757
2074-1007-781
2075-1039-807
2076-1071-833
2077-1105-860
2078-1139-887
2079-1175-916
2080-1211-945
2081-1248-975
2082-1286-1005
2083-1324-1035
2084-1363-1067
2085-1403-1098
2086-1443-1130
2087-1483-1162
2088-1524-1195
2089-1564-1227
2090-1604-1258
2091-1643-1289
2092-1681-1319
2093-1718-1348
2094-1754-1377
2095-1789-1405
2096-1825-1433
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