Proposed Provision: Eliminate the taxable maximum in years 2015 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, adding a bend point at the current-law taxable maximum and applying a formula factor of 3 percent for AIME above this new bend point.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Present Law |
Provision |
2014 | 320 | 320 |
2015 | 306 | 306 |
2016 | 292 | 308 |
2017 | 277 | 309 |
2018 | 262 | 310 |
2019 | 248 | 310 |
2020 | 233 | 310 |
2021 | 219 | 309 |
2022 | 203 | 307 |
2023 | 187 | 304 |
2024 | 171 | 300 |
2025 | 154 | 295 |
2026 | 137 | 290 |
2027 | 119 | 285 |
2028 | 101 | 280 |
2029 | 83 | 275 |
2030 | 64 | 269 |
2031 | 44 | 263 |
2032 | 23 | 256 |
2033 | 2 | 250 |
2034 | -20 | 242 |
2035 | -42 | 235 |
2036 | -65 | 228 |
2037 | -88 | 220 |
2038 | -112 | 213 |
2039 | -136 | 205 |
2040 | -160 | 198 |
2041 | -185 | 191 |
2042 | -210 | 184 |
2043 | -235 | 177 |
2044 | -260 | 170 |
2045 | -285 | 163 |
2046 | -310 | 156 |
2047 | -336 | 149 |
2048 | -362 | 142 |
2049 | -388 | 135 |
2050 | -415 | 128 |
2051 | -442 | 120 |
2052 | -468 | 113 |
2053 | -495 | 105 |
2054 | -523 | 97 |
2055 | -550 | 89 |
2056 | -578 | 81 |
2057 | -606 | 72 |
2058 | -635 | 63 |
2059 | -664 | 54 |
2060 | -694 | 44 |
2061 | -725 | 34 |
2062 | -756 | 24 |
2063 | -787 | 13 |
2064 | -819 | 2 |
2065 | -852 | -9 |
2066 | -885 | -21 |
2067 | -918 | -33 |
2068 | -952 | -45 |
2069 | -987 | -58 |
2070 | -1022 | -71 |
2071 | -1057 | -85 |
2072 | -1094 | -99 |
2073 | -1132 | -113 |
2074 | -1171 | -127 |
2075 | -1210 | -142 |
2076 | -1251 | -157 |
2077 | -1293 | -172 |
2078 | -1335 | -188 |
2079 | -1378 | -204 |
2080 | -1421 | -220 |
2081 | -1464 | -236 |
2082 | -1507 | -252 |
2083 | -1550 | -268 |
2084 | -1593 | -285 |
2085 | -1636 | -302 |
2086 | -1680 | -319 |
2087 | -1724 | -336 |
2088 | -1769 | -354 |
2089 | -1814 | -373 |
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