Proposed Provision: E2.3. Eliminate the taxable maximum in years 2022 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
2021253253
2022231231
2023214230
2024196227
2025178224
2026159219
2027141214
2028122207
2029104200
203085193
203166186
203246179
203327172
20347164
2035-13158
2036-33152
2037-54146
2038-76140
2039-97133
2040-119126
2041-142120
2042-165113
2043-188106
2044-21199
2045-23591
2046-25884
2047-28277
2048-30669
2049-33062
2050-35454
2051-37846
2052-40338
2053-42729
2054-45221
2055-47712
2056-5023
2057-527-6
2058-552-16
2059-578-25
2060-604-35
2061-630-46
2062-657-56
2063-684-67
2064-712-79
2065-740-90
2066-768-102
2067-796-114
2068-825-126
2069-855-139
2070-884-152
2071-914-165
2072-945-179
2073-976-193
2074-1007-207
2075-1039-222
2076-1071-237
2077-1105-252
2078-1139-267
2079-1175-283
2080-1211-300
2081-1248-316
2082-1286-332
2083-1324-349
2084-1363-366
2085-1403-382
2086-1443-399
2087-1483-416
2088-1524-432
2089-1564-449
2090-1604-465
2091-1643-480
2092-1681-495
2093-1718-510
2094-1754-524
2095-1789-539
2096-1825-553
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