Proposed Provision: E3.15. Increase the taxable maximum such that 90 percent of earnings are subject to the payroll tax (phased in 2024-2033). In addition, apply a tax rate of 6.2 percent for earnings above the revised taxable maximum (phased in from 2024-2033). 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 |
| 2023 | 204 | 204 |
| 2024 | 187 | 187 |
| 2025 | 168 | 169 |
| 2026 | 149 | 154 |
| 2027 | 131 | 141 |
| 2028 | 114 | 128 |
| 2029 | 96 | 117 |
| 2030 | 78 | 107 |
| 2031 | 60 | 97 |
| 2032 | 43 | 88 |
| 2033 | 25 | 80 |
| 2034 | 7 | 72 |
| 2035 | -12 | 64 |
| 2036 | -31 | 56 |
| 2037 | -51 | 47 |
| 2038 | -70 | 38 |
| 2039 | -91 | 29 |
| 2040 | -112 | 19 |
| 2041 | -133 | 9 |
| 2042 | -154 | -1 |
| 2043 | -176 | -11 |
| 2044 | -198 | -21 |
| 2045 | -220 | -32 |
| 2046 | -243 | -42 |
| 2047 | -265 | -53 |
| 2048 | -288 | -65 |
| 2049 | -311 | -76 |
| 2050 | -333 | -87 |
| 2051 | -357 | -99 |
| 2052 | -380 | -111 |
| 2053 | -403 | -124 |
| 2054 | -427 | -136 |
| 2055 | -450 | -149 |
| 2056 | -474 | -162 |
| 2057 | -498 | -176 |
| 2058 | -522 | -190 |
| 2059 | -547 | -204 |
| 2060 | -572 | -219 |
| 2061 | -597 | -235 |
| 2062 | -623 | -251 |
| 2063 | -650 | -267 |
| 2064 | -677 | -284 |
| 2065 | -705 | -302 |
| 2066 | -733 | -319 |
| 2067 | -762 | -338 |
| 2068 | -791 | -356 |
| 2069 | -820 | -375 |
| 2070 | -850 | -395 |
| 2071 | -880 | -415 |
| 2072 | -911 | -435 |
| 2073 | -942 | -456 |
| 2074 | -974 | -477 |
| 2075 | -1006 | -499 |
| 2076 | -1039 | -521 |
| 2077 | -1074 | -544 |
| 2078 | -1108 | -568 |
| 2079 | -1144 | -592 |
| 2080 | -1181 | -616 |
| 2081 | -1218 | -641 |
| 2082 | -1256 | -666 |
| 2083 | -1294 | -692 |
| 2084 | -1333 | -718 |
| 2085 | -1373 | -744 |
| 2086 | -1413 | -770 |
| 2087 | -1453 | -797 |
| 2088 | -1494 | -823 |
| 2089 | -1534 | -850 |
| 2090 | -1574 | -876 |
| 2091 | -1613 | -901 |
| 2092 | -1651 | -926 |
| 2093 | -1689 | -951 |
| 2094 | -1726 | -975 |
| 2095 | -1762 | -999 |
| 2096 | -1798 | -1023 |
| 2097 | -1833 | -1046 |
| 2098 | -1868 | -1069 |
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