Proposed Provision: E2.12. Eliminate the taxable maximum in years 2034 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2025, 2.48 percent in 2026, and so on, up to 12.40 percent in 2034. 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 |
| 2022 | 230 | 230 |
| 2023 | 211 | 211 |
| 2024 | 194 | 194 |
| 2025 | 177 | 177 |
| 2026 | 160 | 161 |
| 2027 | 143 | 148 |
| 2028 | 126 | 136 |
| 2029 | 109 | 125 |
| 2030 | 91 | 115 |
| 2031 | 74 | 107 |
| 2032 | 57 | 100 |
| 2033 | 39 | 94 |
| 2034 | 21 | 89 |
| 2035 | 3 | 86 |
| 2036 | -16 | 82 |
| 2037 | -35 | 78 |
| 2038 | -54 | 74 |
| 2039 | -74 | 69 |
| 2040 | -95 | 64 |
| 2041 | -116 | 59 |
| 2042 | -137 | 54 |
| 2043 | -158 | 48 |
| 2044 | -180 | 43 |
| 2045 | -202 | 37 |
| 2046 | -224 | 31 |
| 2047 | -246 | 25 |
| 2048 | -268 | 18 |
| 2049 | -291 | 12 |
| 2050 | -313 | 5 |
| 2051 | -336 | -2 |
| 2052 | -359 | -9 |
| 2053 | -383 | -17 |
| 2054 | -406 | -25 |
| 2055 | -430 | -33 |
| 2056 | -453 | -41 |
| 2057 | -477 | -50 |
| 2058 | -501 | -59 |
| 2059 | -525 | -68 |
| 2060 | -550 | -78 |
| 2061 | -575 | -88 |
| 2062 | -601 | -99 |
| 2063 | -627 | -110 |
| 2064 | -654 | -121 |
| 2065 | -681 | -132 |
| 2066 | -708 | -144 |
| 2067 | -736 | -157 |
| 2068 | -764 | -169 |
| 2069 | -792 | -182 |
| 2070 | -821 | -195 |
| 2071 | -850 | -209 |
| 2072 | -880 | -223 |
| 2073 | -910 | -237 |
| 2074 | -940 | -252 |
| 2075 | -971 | -266 |
| 2076 | -1003 | -282 |
| 2077 | -1036 | -297 |
| 2078 | -1069 | -314 |
| 2079 | -1104 | -330 |
| 2080 | -1139 | -347 |
| 2081 | -1175 | -364 |
| 2082 | -1212 | -381 |
| 2083 | -1249 | -398 |
| 2084 | -1286 | -415 |
| 2085 | -1324 | -433 |
| 2086 | -1363 | -450 |
| 2087 | -1402 | -468 |
| 2088 | -1442 | -485 |
| 2089 | -1481 | -502 |
| 2090 | -1520 | -519 |
| 2091 | -1558 | -536 |
| 2092 | -1595 | -552 |
| 2093 | -1632 | -568 |
| 2094 | -1668 | -583 |
| 2095 | -1703 | -598 |
| 2096 | -1738 | -613 |
| 2097 | -1773 | -628 |
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