Proposed Provision: E2.3. Eliminate the taxable maximum in years 2019 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. Create a new bend point at the current-law taxable maximum with a 3 percent formula factor applying above the new bend point.

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

Year Current Law Provision
2018288288
2019272272
2020256271
2021239270
2022223268
2023206265
2024188261
2025171257
2026154252
2027137247
2028120242
2029104237
203086232
203169227
203251222
203333218
203414213
2035-5208
2036-25202
2037-46196
2038-67191
2039-88185
2040-110179
2041-132173
2042-154167
2043-176161
2044-199156
2045-221150
2046-244145
2047-267140
2048-289135
2049-312129
2050-335124
2051-358119
2052-381114
2053-403108
2054-426103
2055-45097
2056-47391
2057-49685
2058-52079
2059-54472
2060-56965
2061-59458
2062-61950
2063-64543
2064-67134
2065-69826
2066-72517
2067-7528
2068-780-1
2069-808-11
2070-837-21
2071-866-32
2072-896-43
2073-927-54
2074-958-65
2075-990-77
2076-1023-89
2077-1057-102
2078-1092-114
2079-1128-127
2080-1165-140
2081-1202-153
2082-1240-166
2083-1278-179
2084-1316-193
2085-1354-206
2086-1392-219
2087-1430-233
2088-1468-246
2089-1505-259
2090-1543-273
2091-1580-287
2092-1618-301
2093-1655-315
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