Proposed Provision: E2.3. Eliminate the taxable maximum in years 2020 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
2019273273
2020260260
2021245260
2022229260
2023213259
2024197256
2025180253
2026163249
2027147245
2028130240
2029114235
203097231
203180226
203263222
203346217
203428213
203510209
2036-9205
2037-28200
2038-47195
2039-67190
2040-87184
2041-108179
2042-129174
2043-150169
2044-171164
2045-192159
2046-213154
2047-234149
2048-255144
2049-276140
2050-297135
2051-318130
2052-338126
2053-359121
2054-380116
2055-401111
2056-422105
2057-444100
2058-46594
2059-48788
2060-50982
2061-53175
2062-55468
2063-57761
2064-60154
2065-62546
2066-64938
2067-67429
2068-69921
2069-72411
2070-7492
2071-776-8
2072-802-18
2073-830-28
2074-857-39
2075-885-50
2076-914-61
2077-944-73
2078-975-84
2079-1007-96
2080-1039-108
2081-1072-120
2082-1106-132
2083-1139-144
2084-1173-156
2085-1207-169
2086-1242-181
2087-1275-193
2088-1309-205
2089-1342-217
2090-1375-229
2091-1407-241
2092-1439-253
2093-1471-265
2094-1503-278
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