Proposed Provision: Beginning in 2024, apply 2 percent payroll tax rate on earnings over the wage-indexed equivalent of $200,000 in 2017, with the threshold wage-indexed after 2024. Provide proportional benefit credit for additional earnings taxed, based on the payroll tax rate applied to the additional earnings divided by the full 12.4 percent payroll tax rate.

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

Year Present Law Provision
2016303303
2017293293
2018277277
2019262262
2020246246
2021231231
2022216216
2023200200
2024183183
2025165167
2026149152
2027132137
2028115122
202998106
20308191
20316475
20324659
20332742
2034825
2035-118
2036-30-10
2037-50-28
2038-71-47
2039-91-65
2040-112-85
2041-133-104
2042-154-123
2043-176-142
2044-197-162
2045-218-181
2046-240-201
2047-262-220
2048-283-240
2049-305-260
2050-327-280
2051-349-300
2052-371-320
2053-393-340
2054-415-360
2055-437-380
2056-460-401
2057-482-422
2058-506-443
2059-529-465
2060-553-487
2061-578-509
2062-603-532
2063-628-556
2064-654-580
2065-680-604
2066-706-628
2067-733-653
2068-760-679
2069-788-705
2070-816-731
2071-845-758
2072-874-785
2073-905-813
2074-935-842
2075-967-872
2076-1000-902
2077-1033-934
2078-1068-966
2079-1102-998
2080-1138-1031
2081-1173-1064
2082-1208-1097
2083-1243-1130
2084-1279-1163
2085-1314-1196
2086-1349-1229
2087-1384-1262
2088-1419-1295
2089-1455-1329
2090-1491-1363
2091-1528-1397
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