Proposed Provision: E2.3. Eliminate the taxable maximum in years 2018 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. Create a new bend point at the current-law taxable maximum with a 3 percent formula factor applying above the new bend point.

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

Year Current Law Provision
2017298298
2018287287
2019273288
2020259290
2021245291
2022230291
2023215289
2024199286
2025182282
2026165276
2027148271
2028130265
2029112259
203094253
203175247
203256241
203337235
203416228
2035-4222
2036-26215
2037-47207
2038-70200
2039-92193
2040-115187
2041-138180
2042-161174
2043-184167
2044-207161
2045-230155
2046-253149
2047-276143
2048-300138
2049-323132
2050-346127
2051-370121
2052-393115
2053-417110
2054-440104
2055-46497
2056-48791
2057-51185
2058-53678
2059-56071
2060-58563
2061-61155
2062-63748
2063-66339
2064-69031
2065-71722
2066-74513
2067-7723
2068-801-6
2069-829-17
2070-858-27
2071-888-38
2072-918-49
2073-949-60
2074-981-72
2075-1014-84
2076-1047-96
2077-1082-108
2078-1117-121
2079-1153-134
2080-1190-146
2081-1227-159
2082-1264-172
2083-1300-186
2084-1337-199
2085-1374-212
2086-1410-226
2087-1446-239
2088-1483-253
2089-1520-267
2090-1557-282
2091-1595-296
2092-1633-311
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