Proposed Provision: Increase the taxable maximum such that 90 percent of earnings are subject to the payroll tax (phased in 2017-2026). In addition, apply a tax rate of 6.2 percent for earnings above the revised taxable maximum (phased in from 2017-2026). Provide benefit credit for earnings taxed up to the revised taxable maximum.

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

Year Present Law Provision
2016303303
2017293293
2018277279
2019262267
2020246256
2021231248
2022216239
2023200230
2024183221
2025165212
2026149205
2027132197
2028115190
202998183
203081176
203164169
203246161
203327153
20348144
2035-11136
2036-30127
2037-50117
2038-71108
2039-9198
2040-11288
2041-13378
2042-15469
2043-17659
2044-19749
2045-21839
2046-24029
2047-26219
2048-2839
2049-305-1
2050-327-11
2051-349-22
2052-371-32
2053-393-43
2054-415-54
2055-437-65
2056-460-77
2057-482-88
2058-506-101
2059-529-113
2060-553-126
2061-578-140
2062-603-154
2063-628-168
2064-654-183
2065-680-198
2066-706-213
2067-733-229
2068-760-245
2069-788-262
2070-816-279
2071-845-296
2072-874-314
2073-905-333
2074-935-352
2075-967-371
2076-1000-391
2077-1033-411
2078-1068-432
2079-1102-453
2080-1138-474
2081-1173-496
2082-1208-517
2083-1243-539
2084-1279-560
2085-1314-582
2086-1349-604
2087-1384-626
2088-1419-648
2089-1455-671
2090-1491-694
2091-1528-717
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