Proposed Provision: E2.3. Eliminate the taxable maximum in years 2017 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
2016303303
2017293293
2018277293
2019262294
2020246294
2021231294
2022216292
2023200289
2024183285
2025165280
2026149275
2027132270
2028115266
202998262
203081259
203164255
203246251
203327247
20348243
2035-11239
2036-30234
2037-50229
2038-71224
2039-91219
2040-112214
2041-133209
2042-154205
2043-176200
2044-197196
2045-218192
2046-240187
2047-262183
2048-283179
2049-305175
2050-327171
2051-349167
2052-371163
2053-393158
2054-415154
2055-437149
2056-460144
2057-482139
2058-506133
2059-529127
2060-553121
2061-578114
2062-603107
2063-628100
2064-65493
2065-68085
2066-70677
2067-73369
2068-76060
2069-78851
2070-81642
2071-84532
2072-87422
2073-90512
2074-9352
2075-967-9
2076-1000-20
2077-1033-31
2078-1068-42
2079-1102-53
2080-1138-64
2081-1173-76
2082-1208-87
2083-1243-99
2084-1279-111
2085-1314-123
2086-1349-135
2087-1384-147
2088-1419-160
2089-1455-172
2090-1491-186
2091-1528-199
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