Proposed Provision: Increase the taxable maximum such that 90 percent of earnings are subject to the payroll tax (phased in 2015-2024). In addition, apply a tax rate of 6.2 percent for earnings above the revised taxable maximum (phased in from 2015-2024). Provide benefit credit for earnings taxed up to the revised taxable maximum.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Present Law Provision
2014320320
2015306306
2016292294
2017277282
2018262272
2019248263
2020233255
2021219249
2022203242
2023187234
2024171227
2025154220
2026137212
2027119204
2028101196
202983187
203064178
203144168
203223158
20332147
2034-20136
2035-42124
2036-65112
2037-88100
2038-11288
2039-13676
2040-16063
2041-18551
2042-21039
2043-23526
2044-26014
2045-2852
2046-310-11
2047-336-24
2048-362-37
2049-388-50
2050-415-63
2051-442-76
2052-468-89
2053-495-103
2054-523-117
2055-550-131
2056-578-146
2057-606-161
2058-635-176
2059-664-192
2060-694-208
2061-725-225
2062-756-242
2063-787-259
2064-819-277
2065-852-296
2066-885-314
2067-918-333
2068-952-353
2069-987-373
2070-1022-393
2071-1057-414
2072-1094-436
2073-1132-458
2074-1171-481
2075-1210-504
2076-1251-528
2077-1293-552
2078-1335-577
2079-1378-601
2080-1421-627
2081-1464-652
2082-1507-677
2083-1550-703
2084-1593-728
2085-1636-754
2086-1680-781
2087-1724-807
2088-1769-834
2089-1814-862
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