Proposed Provision: Beginning in 2024, apply 2 percent payroll tax rate on earnings over the wage-indexed equivalent of $300,000 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
2026149151
2027132136
2028115120
202998104
20308188
20316472
20324656
20332739
2034821
2035-113
2036-30-15
2037-50-34
2038-71-53
2039-91-72
2040-112-92
2041-133-111
2042-154-131
2043-176-151
2044-197-171
2045-218-191
2046-240-211
2047-262-231
2048-283-251
2049-305-271
2050-327-292
2051-349-312
2052-371-333
2053-393-353
2054-415-374
2055-437-395
2056-460-416
2057-482-437
2058-506-459
2059-529-481
2060-553-504
2061-578-527
2062-603-550
2063-628-574
2064-654-598
2065-680-623
2066-706-648
2067-733-674
2068-760-699
2069-788-726
2070-816-752
2071-845-780
2072-874-808
2073-905-836
2074-935-866
2075-967-896
2076-1000-927
2077-1033-959
2078-1068-991
2079-1102-1024
2080-1138-1058
2081-1173-1092
2082-1208-1125
2083-1243-1159
2084-1279-1192
2085-1314-1226
2086-1349-1259
2087-1384-1293
2088-1419-1326
2089-1455-1360
2090-1491-1395
2091-1528-1430
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