Proposed Provision: E2.12. Eliminate the taxable maximum in years 2034 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2025, 2.48 percent in 2026, and so on, up to 12.40 percent in 2034. 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 Cost Rates and Income Rates
(as a percentage of taxable payroll)

  Income Rates Cost Rates
Year Current Law Provision Current Law Provision
202212.812.814.114.1
202313.013.014.314.3
202413.013.014.414.4
202513.013.214.714.7
202613.113.614.914.9
202713.113.915.115.1
202813.114.215.315.3
202913.214.515.515.5
203013.214.715.715.7
203113.215.015.915.9
203213.215.316.116.1
203313.315.516.216.2
203413.315.816.316.3
203513.315.816.416.4
203613.315.816.516.5
203713.315.816.616.6
203813.315.816.616.7
203913.315.816.716.7
204013.315.816.716.8
204113.315.816.716.8
204213.315.816.816.8
204313.315.816.816.9
204413.315.816.816.9
204513.315.816.816.9
204613.315.816.817.0
204713.315.816.917.0
204813.315.916.917.0
204913.315.916.917.1
205013.315.916.917.1
205113.315.917.017.2
205213.315.917.017.2
205313.315.917.117.3
205413.315.917.117.3
205513.315.917.117.4
205613.315.917.217.4
205713.315.917.317.5
205813.415.917.317.6
205913.415.917.417.7
206013.415.917.517.7
206113.415.917.517.8
206213.415.917.617.9
206313.415.917.617.9
206413.415.917.718.0
206513.416.017.718.1
206613.416.017.818.1
206713.416.017.818.2
206813.416.017.918.2
206913.416.017.918.3
207013.416.018.018.4
207113.416.018.118.4
207213.416.018.118.5
207313.416.018.218.5
207413.416.018.218.6
207513.416.018.318.6
207613.416.018.318.7
207713.416.018.318.7
207813.416.018.318.7
207913.416.018.318.7
208013.416.018.318.7
208113.416.018.318.7
208213.416.018.218.6
208313.416.018.218.6
208413.416.018.218.5
208513.416.018.118.5
208613.416.018.018.4
208713.416.018.018.4
208813.416.017.918.3
208913.416.017.918.2
209013.416.017.818.2
209113.416.017.718.1
209213.416.017.718.1
209313.416.017.718.0
209413.416.017.718.0
209513.416.017.618.0
209613.416.017.618.0
209713.416.017.618.0
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