Proposed Provision: E3.15. Increase the taxable maximum such that 90 percent of earnings are subject to the payroll tax (phased in 2022-2031). In addition, apply a tax rate of 6.2 percent for earnings above the revised taxable maximum (phased in from 2022-2031). Provide benefit credit for earnings taxed up to the revised taxable maximum.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
| Year |
Current Law |
Provision |
| 2021 | 253 | 253 |
| 2022 | 231 | 231 |
| 2023 | 214 | 215 |
| 2024 | 196 | 201 |
| 2025 | 178 | 187 |
| 2026 | 159 | 174 |
| 2027 | 141 | 162 |
| 2028 | 122 | 150 |
| 2029 | 104 | 139 |
| 2030 | 85 | 128 |
| 2031 | 66 | 117 |
| 2032 | 46 | 107 |
| 2033 | 27 | 97 |
| 2034 | 7 | 86 |
| 2035 | -13 | 76 |
| 2036 | -33 | 66 |
| 2037 | -54 | 55 |
| 2038 | -76 | 45 |
| 2039 | -97 | 33 |
| 2040 | -119 | 22 |
| 2041 | -142 | 11 |
| 2042 | -165 | -1 |
| 2043 | -188 | -13 |
| 2044 | -211 | -25 |
| 2045 | -235 | -37 |
| 2046 | -258 | -50 |
| 2047 | -282 | -62 |
| 2048 | -306 | -75 |
| 2049 | -330 | -87 |
| 2050 | -354 | -100 |
| 2051 | -378 | -113 |
| 2052 | -403 | -127 |
| 2053 | -427 | -140 |
| 2054 | -452 | -154 |
| 2055 | -477 | -167 |
| 2056 | -502 | -181 |
| 2057 | -527 | -196 |
| 2058 | -552 | -210 |
| 2059 | -578 | -225 |
| 2060 | -604 | -240 |
| 2061 | -630 | -256 |
| 2062 | -657 | -272 |
| 2063 | -684 | -288 |
| 2064 | -712 | -305 |
| 2065 | -740 | -322 |
| 2066 | -768 | -339 |
| 2067 | -796 | -357 |
| 2068 | -825 | -375 |
| 2069 | -855 | -394 |
| 2070 | -884 | -412 |
| 2071 | -914 | -432 |
| 2072 | -945 | -451 |
| 2073 | -976 | -471 |
| 2074 | -1007 | -491 |
| 2075 | -1039 | -512 |
| 2076 | -1071 | -534 |
| 2077 | -1105 | -556 |
| 2078 | -1139 | -578 |
| 2079 | -1175 | -601 |
| 2080 | -1211 | -625 |
| 2081 | -1248 | -649 |
| 2082 | -1286 | -673 |
| 2083 | -1324 | -698 |
| 2084 | -1363 | -723 |
| 2085 | -1403 | -748 |
| 2086 | -1443 | -773 |
| 2087 | -1483 | -799 |
| 2088 | -1524 | -825 |
| 2089 | -1564 | -850 |
| 2090 | -1604 | -875 |
| 2091 | -1643 | -899 |
| 2092 | -1681 | -923 |
| 2093 | -1718 | -946 |
| 2094 | -1754 | -969 |
| 2095 | -1789 | -991 |
| 2096 | -1825 | -1013 |
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