Proposed Provision: E2.2. Eliminate the taxable maximum in years 2023 and later, and apply full 12.4 percent payroll tax rate to all earnings. Provide benefit credit for earnings above the current-law taxable maximum.

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

Year Current Law Provision
2022230230
2023211211
2024194212
2025177213
2026160211
2027143210
2028126207
2029109204
203091200
203174196
203257191
203339187
203421183
20353179
2036-16175
2037-35171
2038-54166
2039-74162
2040-95157
2041-116151
2042-137146
2043-158140
2044-180134
2045-202128
2046-224122
2047-246115
2048-268108
2049-291101
2050-31393
2051-33685
2052-35977
2053-38368
2054-40659
2055-43050
2056-45340
2057-47730
2058-50120
2059-5259
2060-550-3
2061-575-15
2062-601-27
2063-627-39
2064-654-53
2065-681-66
2066-708-80
2067-736-94
2068-764-108
2069-792-123
2070-821-139
2071-850-154
2072-880-170
2073-910-187
2074-940-203
2075-971-220
2076-1003-238
2077-1036-256
2078-1069-274
2079-1104-293
2080-1139-312
2081-1175-331
2082-1212-350
2083-1249-370
2084-1286-390
2085-1324-410
2086-1363-430
2087-1402-450
2088-1442-470
2089-1481-489
2090-1520-509
2091-1558-528
2092-1595-547
2093-1632-566
2094-1668-584
2095-1703-602
2096-1738-620
2097-1773-637
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