Proposed Provision: E3.7. Increase the taxable maximum by an additional 2 percent per year beginning in 2024 until taxable earnings equal 90 percent of covered earnings. Provide benefit credit for earnings up to the revised taxable maximum. Create a new bend point equal to the current-law taxable maximum with a 5 percent formula factor applying above the new bend point.

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

Year Current Law Provision
2022230230
2023211211
2024194194
2025177177
2026160161
2027143144
2028126128
2029109112
20309197
20317481
20325766
20333950
20342135
2035319
2036-163
2037-35-13
2038-54-30
2039-74-46
2040-95-63
2041-116-80
2042-137-97
2043-158-114
2044-180-131
2045-202-148
2046-224-166
2047-246-183
2048-268-200
2049-291-217
2050-313-235
2051-336-252
2052-359-270
2053-383-287
2054-406-305
2055-430-322
2056-453-340
2057-477-358
2058-501-375
2059-525-394
2060-550-412
2061-575-431
2062-601-450
2063-627-470
2064-654-490
2065-681-510
2066-708-531
2067-736-553
2068-764-574
2069-792-596
2070-821-618
2071-850-641
2072-880-664
2073-910-688
2074-940-712
2075-971-737
2076-1003-762
2077-1036-788
2078-1069-814
2079-1104-842
2080-1139-870
2081-1175-899
2082-1212-928
2083-1249-957
2084-1286-987
2085-1324-1018
2086-1363-1049
2087-1402-1080
2088-1442-1111
2089-1481-1142
2090-1520-1173
2091-1558-1203
2092-1595-1232
2093-1632-1261
2094-1668-1290
2095-1703-1318
2096-1738-1345
2097-1773-1372
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