Proposed Provision: E2.11. Eliminate the taxable maximum in years 2022 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2018, 4.96 percent in 2019, and so on, up to 12.40 percent in 2022. Provide benefit credit for earnings above the current-law taxable maximum that are subject to the payroll tax, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from annual earnings from each year after 2017 that were in excess of that year's current-law taxable maximum; and (2) a formula factor of 5 percent on this newly computed "AIME+".
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Present Law |
Provision |
2016 | 303 | 303 |
2017 | 293 | 293 |
2018 | 277 | 277 |
2019 | 262 | 265 |
2020 | 246 | 256 |
2021 | 231 | 251 |
2022 | 216 | 248 |
2023 | 200 | 246 |
2024 | 183 | 243 |
2025 | 165 | 239 |
2026 | 149 | 236 |
2027 | 132 | 232 |
2028 | 115 | 229 |
2029 | 98 | 226 |
2030 | 81 | 222 |
2031 | 64 | 219 |
2032 | 46 | 216 |
2033 | 27 | 212 |
2034 | 8 | 208 |
2035 | -11 | 204 |
2036 | -30 | 200 |
2037 | -50 | 195 |
2038 | -71 | 190 |
2039 | -91 | 186 |
2040 | -112 | 181 |
2041 | -133 | 177 |
2042 | -154 | 172 |
2043 | -176 | 168 |
2044 | -197 | 164 |
2045 | -218 | 160 |
2046 | -240 | 156 |
2047 | -262 | 152 |
2048 | -283 | 148 |
2049 | -305 | 144 |
2050 | -327 | 140 |
2051 | -349 | 136 |
2052 | -371 | 132 |
2053 | -393 | 127 |
2054 | -415 | 123 |
2055 | -437 | 118 |
2056 | -460 | 113 |
2057 | -482 | 108 |
2058 | -506 | 102 |
2059 | -529 | 96 |
2060 | -553 | 90 |
2061 | -578 | 83 |
2062 | -603 | 76 |
2063 | -628 | 69 |
2064 | -654 | 61 |
2065 | -680 | 54 |
2066 | -706 | 46 |
2067 | -733 | 37 |
2068 | -760 | 28 |
2069 | -788 | 19 |
2070 | -816 | 10 |
2071 | -845 | 0 |
2072 | -874 | -10 |
2073 | -905 | -20 |
2074 | -935 | -31 |
2075 | -967 | -42 |
2076 | -1000 | -53 |
2077 | -1033 | -64 |
2078 | -1068 | -76 |
2079 | -1102 | -87 |
2080 | -1138 | -99 |
2081 | -1173 | -111 |
2082 | -1208 | -123 |
2083 | -1243 | -135 |
2084 | -1279 | -147 |
2085 | -1314 | -159 |
2086 | -1349 | -171 |
2087 | -1384 | -184 |
2088 | -1419 | -197 |
2089 | -1455 | -210 |
2090 | -1491 | -223 |
2091 | -1528 | -237 |
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