Description of Proposed Provision:
E3.18: Increase the taxable maximum linearly over 4 years to $222,600 for 2023. After 2023, index the taxable maximum to AWI plus 0.5 percentage point. Apply benefit credit on additional earnings taxed.

Estimates based on the intermediate assumptions of the 2018 Trustees Report

Summary Measures
Current law
[percent of payroll]		   Change from current law
[percent of payroll]		   Shortfall eliminated
Long-range
actuarial
balance		 Annual
balance in
75th year		   Long-range
actuarial
balance		 Annual
balance in
75th year		   Long-range
actuarial
balance		 Annual
balance in
75th year
-2.84 -4.32   0.63 0.70   22% 16%

graph of OASDI cost rates and income rates by year, under current law and provision. click on graph to view underlying data. graph of OASDI trust fund ratio by year, under current law and provision. click on graph to view underlying data.