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 |
2016 | 303 | 303 |
2017 | 293 | 293 |
2018 | 277 | 293 |
2019 | 262 | 294 |
2020 | 246 | 294 |
2021 | 231 | 294 |
2022 | 216 | 292 |
2023 | 200 | 289 |
2024 | 183 | 285 |
2025 | 165 | 280 |
2026 | 149 | 275 |
2027 | 132 | 270 |
2028 | 115 | 266 |
2029 | 98 | 262 |
2030 | 81 | 259 |
2031 | 64 | 255 |
2032 | 46 | 251 |
2033 | 27 | 247 |
2034 | 8 | 243 |
2035 | -11 | 239 |
2036 | -30 | 234 |
2037 | -50 | 229 |
2038 | -71 | 224 |
2039 | -91 | 219 |
2040 | -112 | 214 |
2041 | -133 | 209 |
2042 | -154 | 205 |
2043 | -176 | 200 |
2044 | -197 | 196 |
2045 | -218 | 192 |
2046 | -240 | 187 |
2047 | -262 | 183 |
2048 | -283 | 179 |
2049 | -305 | 175 |
2050 | -327 | 171 |
2051 | -349 | 167 |
2052 | -371 | 163 |
2053 | -393 | 158 |
2054 | -415 | 154 |
2055 | -437 | 149 |
2056 | -460 | 144 |
2057 | -482 | 139 |
2058 | -506 | 133 |
2059 | -529 | 127 |
2060 | -553 | 121 |
2061 | -578 | 114 |
2062 | -603 | 107 |
2063 | -628 | 100 |
2064 | -654 | 93 |
2065 | -680 | 85 |
2066 | -706 | 77 |
2067 | -733 | 69 |
2068 | -760 | 60 |
2069 | -788 | 51 |
2070 | -816 | 42 |
2071 | -845 | 32 |
2072 | -874 | 22 |
2073 | -905 | 12 |
2074 | -935 | 2 |
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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