Proposed Provision: E2.11. Eliminate the taxable maximum in years 2024 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2020, 4.96 percent in 2021, and so on, up to 12.40 percent in 2024. 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 2019 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 |
Current Law |
Provision |
| 2018 | 288 | 288 |
| 2019 | 272 | 272 |
| 2020 | 256 | 256 |
| 2021 | 239 | 243 |
| 2022 | 223 | 232 |
| 2023 | 206 | 224 |
| 2024 | 188 | 219 |
| 2025 | 171 | 216 |
| 2026 | 154 | 212 |
| 2027 | 137 | 209 |
| 2028 | 120 | 205 |
| 2029 | 104 | 201 |
| 2030 | 86 | 197 |
| 2031 | 69 | 193 |
| 2032 | 51 | 188 |
| 2033 | 33 | 184 |
| 2034 | 14 | 180 |
| 2035 | -5 | 175 |
| 2036 | -25 | 170 |
| 2037 | -46 | 164 |
| 2038 | -67 | 158 |
| 2039 | -88 | 153 |
| 2040 | -110 | 147 |
| 2041 | -132 | 141 |
| 2042 | -154 | 136 |
| 2043 | -176 | 130 |
| 2044 | -199 | 125 |
| 2045 | -221 | 119 |
| 2046 | -244 | 114 |
| 2047 | -267 | 109 |
| 2048 | -289 | 104 |
| 2049 | -312 | 99 |
| 2050 | -335 | 94 |
| 2051 | -358 | 89 |
| 2052 | -381 | 84 |
| 2053 | -403 | 79 |
| 2054 | -426 | 73 |
| 2055 | -450 | 68 |
| 2056 | -473 | 62 |
| 2057 | -496 | 56 |
| 2058 | -520 | 50 |
| 2059 | -544 | 43 |
| 2060 | -569 | 37 |
| 2061 | -594 | 29 |
| 2062 | -619 | 22 |
| 2063 | -645 | 14 |
| 2064 | -671 | 6 |
| 2065 | -698 | -2 |
| 2066 | -725 | -11 |
| 2067 | -752 | -20 |
| 2068 | -780 | -30 |
| 2069 | -808 | -39 |
| 2070 | -837 | -50 |
| 2071 | -866 | -60 |
| 2072 | -896 | -71 |
| 2073 | -927 | -82 |
| 2074 | -958 | -94 |
| 2075 | -990 | -106 |
| 2076 | -1023 | -118 |
| 2077 | -1057 | -130 |
| 2078 | -1092 | -143 |
| 2079 | -1128 | -156 |
| 2080 | -1165 | -169 |
| 2081 | -1202 | -182 |
| 2082 | -1240 | -196 |
| 2083 | -1278 | -209 |
| 2084 | -1316 | -223 |
| 2085 | -1354 | -236 |
| 2086 | -1392 | -250 |
| 2087 | -1430 | -263 |
| 2088 | -1468 | -277 |
| 2089 | -1505 | -290 |
| 2090 | -1543 | -304 |
| 2091 | -1580 | -318 |
| 2092 | -1618 | -332 |
| 2093 | -1655 | -346 |
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