Proposed Provision: E3.15. Increase the taxable maximum such that 90 percent of earnings are subject to the payroll tax (phased in 2020-2029). In addition, apply a tax rate of 6.2 percent for earnings above the revised taxable maximum (phased in from 2020-2029). Provide benefit credit for earnings taxed up to the revised taxable maximum.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
| Year |
Current Law |
Provision |
| 2019 | 273 | 273 |
| 2020 | 260 | 260 |
| 2021 | 245 | 247 |
| 2022 | 229 | 234 |
| 2023 | 213 | 223 |
| 2024 | 197 | 212 |
| 2025 | 180 | 201 |
| 2026 | 163 | 192 |
| 2027 | 147 | 183 |
| 2028 | 130 | 174 |
| 2029 | 114 | 167 |
| 2030 | 97 | 160 |
| 2031 | 80 | 152 |
| 2032 | 63 | 145 |
| 2033 | 46 | 137 |
| 2034 | 28 | 130 |
| 2035 | 10 | 122 |
| 2036 | -9 | 114 |
| 2037 | -28 | 105 |
| 2038 | -47 | 96 |
| 2039 | -67 | 87 |
| 2040 | -87 | 77 |
| 2041 | -108 | 68 |
| 2042 | -129 | 58 |
| 2043 | -150 | 49 |
| 2044 | -171 | 39 |
| 2045 | -192 | 30 |
| 2046 | -213 | 20 |
| 2047 | -234 | 11 |
| 2048 | -255 | 2 |
| 2049 | -276 | -8 |
| 2050 | -297 | -17 |
| 2051 | -318 | -27 |
| 2052 | -338 | -36 |
| 2053 | -359 | -46 |
| 2054 | -380 | -56 |
| 2055 | -401 | -66 |
| 2056 | -422 | -76 |
| 2057 | -444 | -86 |
| 2058 | -465 | -97 |
| 2059 | -487 | -108 |
| 2060 | -509 | -119 |
| 2061 | -531 | -130 |
| 2062 | -554 | -142 |
| 2063 | -577 | -155 |
| 2064 | -601 | -168 |
| 2065 | -625 | -181 |
| 2066 | -649 | -194 |
| 2067 | -674 | -208 |
| 2068 | -699 | -222 |
| 2069 | -724 | -237 |
| 2070 | -749 | -252 |
| 2071 | -776 | -267 |
| 2072 | -802 | -283 |
| 2073 | -830 | -299 |
| 2074 | -857 | -315 |
| 2075 | -885 | -332 |
| 2076 | -914 | -350 |
| 2077 | -944 | -368 |
| 2078 | -975 | -386 |
| 2079 | -1007 | -405 |
| 2080 | -1039 | -424 |
| 2081 | -1072 | -444 |
| 2082 | -1106 | -463 |
| 2083 | -1139 | -483 |
| 2084 | -1173 | -503 |
| 2085 | -1207 | -523 |
| 2086 | -1242 | -543 |
| 2087 | -1275 | -562 |
| 2088 | -1309 | -582 |
| 2089 | -1342 | -602 |
| 2090 | -1375 | -621 |
| 2091 | -1407 | -640 |
| 2092 | -1439 | -660 |
| 2093 | -1471 | -679 |
| 2094 | -1503 | -699 |
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