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
2014320320
2015306306
2016292308
2017277309
2018262310
2019248310
2020233310
2021219309
2022203307
2023187304
2024171300
2025154295
2026137290
2027119285
2028101280
202983275
203064269
203144263
203223256
20332250
2034-20242
2035-42235
2036-65228
2037-88220
2038-112213
2039-136205
2040-160198
2041-185191
2042-210184
2043-235177
2044-260170
2045-285163
2046-310156
2047-336149
2048-362142
2049-388135
2050-415128
2051-442120
2052-468113
2053-495105
2054-52397
2055-55089
2056-57881
2057-60672
2058-63563
2059-66454
2060-69444
2061-72534
2062-75624
2063-78713
2064-8192
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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