Proposed Provision: E3.15. Increase the taxable maximum such that 90 percent of earnings are subject to the payroll tax (phased in 2023-2032). In addition, apply a tax rate of 6.2 percent for earnings above the revised taxable maximum (phased in from 2023-2032). 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 |
| 2022 | 230 | 230 |
| 2023 | 211 | 211 |
| 2024 | 194 | 196 |
| 2025 | 177 | 183 |
| 2026 | 160 | 170 |
| 2027 | 143 | 159 |
| 2028 | 126 | 149 |
| 2029 | 109 | 139 |
| 2030 | 91 | 130 |
| 2031 | 74 | 122 |
| 2032 | 57 | 114 |
| 2033 | 39 | 107 |
| 2034 | 21 | 99 |
| 2035 | 3 | 92 |
| 2036 | -16 | 84 |
| 2037 | -35 | 76 |
| 2038 | -54 | 67 |
| 2039 | -74 | 58 |
| 2040 | -95 | 49 |
| 2041 | -116 | 40 |
| 2042 | -137 | 31 |
| 2043 | -158 | 21 |
| 2044 | -180 | 11 |
| 2045 | -202 | 1 |
| 2046 | -224 | -10 |
| 2047 | -246 | -20 |
| 2048 | -268 | -31 |
| 2049 | -291 | -42 |
| 2050 | -313 | -53 |
| 2051 | -336 | -65 |
| 2052 | -359 | -76 |
| 2053 | -383 | -88 |
| 2054 | -406 | -101 |
| 2055 | -430 | -113 |
| 2056 | -453 | -126 |
| 2057 | -477 | -139 |
| 2058 | -501 | -153 |
| 2059 | -525 | -167 |
| 2060 | -550 | -181 |
| 2061 | -575 | -196 |
| 2062 | -601 | -211 |
| 2063 | -627 | -227 |
| 2064 | -654 | -243 |
| 2065 | -681 | -260 |
| 2066 | -708 | -277 |
| 2067 | -736 | -294 |
| 2068 | -764 | -311 |
| 2069 | -792 | -329 |
| 2070 | -821 | -348 |
| 2071 | -850 | -367 |
| 2072 | -880 | -386 |
| 2073 | -910 | -406 |
| 2074 | -940 | -426 |
| 2075 | -971 | -446 |
| 2076 | -1003 | -467 |
| 2077 | -1036 | -489 |
| 2078 | -1069 | -511 |
| 2079 | -1104 | -534 |
| 2080 | -1139 | -557 |
| 2081 | -1175 | -581 |
| 2082 | -1212 | -605 |
| 2083 | -1249 | -629 |
| 2084 | -1286 | -653 |
| 2085 | -1324 | -678 |
| 2086 | -1363 | -703 |
| 2087 | -1402 | -729 |
| 2088 | -1442 | -754 |
| 2089 | -1481 | -779 |
| 2090 | -1520 | -804 |
| 2091 | -1558 | -828 |
| 2092 | -1595 | -852 |
| 2093 | -1632 | -876 |
| 2094 | -1668 | -899 |
| 2095 | -1703 | -922 |
| 2096 | -1738 | -944 |
| 2097 | -1773 | -967 |
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