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
2016303303
2017293293
2018277277
2019262265
2020246256
2021231251
2022216248
2023200246
2024183243
2025165239
2026149236
2027132232
2028115229
202998226
203081222
203164219
203246216
203327212
20348208
2035-11204
2036-30200
2037-50195
2038-71190
2039-91186
2040-112181
2041-133177
2042-154172
2043-176168
2044-197164
2045-218160
2046-240156
2047-262152
2048-283148
2049-305144
2050-327140
2051-349136
2052-371132
2053-393127
2054-415123
2055-437118
2056-460113
2057-482108
2058-506102
2059-52996
2060-55390
2061-57883
2062-60376
2063-62869
2064-65461
2065-68054
2066-70646
2067-73337
2068-76028
2069-78819
2070-81610
2071-8450
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
back