Proposed Provision: E2.11. Eliminate the taxable maximum in years 2025 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2021, 4.96 percent in 2022, and so on, up to 12.40 percent in 2025. 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 2020 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 |
| 2019 | 273 | 273 |
| 2020 | 260 | 260 |
| 2021 | 245 | 245 |
| 2022 | 229 | 233 |
| 2023 | 213 | 223 |
| 2024 | 197 | 216 |
| 2025 | 180 | 211 |
| 2026 | 163 | 208 |
| 2027 | 147 | 205 |
| 2028 | 130 | 202 |
| 2029 | 114 | 198 |
| 2030 | 97 | 195 |
| 2031 | 80 | 191 |
| 2032 | 63 | 187 |
| 2033 | 46 | 184 |
| 2034 | 28 | 180 |
| 2035 | 10 | 176 |
| 2036 | -9 | 172 |
| 2037 | -28 | 168 |
| 2038 | -47 | 164 |
| 2039 | -67 | 159 |
| 2040 | -87 | 154 |
| 2041 | -108 | 149 |
| 2042 | -129 | 144 |
| 2043 | -150 | 139 |
| 2044 | -171 | 135 |
| 2045 | -192 | 130 |
| 2046 | -213 | 126 |
| 2047 | -234 | 121 |
| 2048 | -255 | 117 |
| 2049 | -276 | 113 |
| 2050 | -297 | 108 |
| 2051 | -318 | 104 |
| 2052 | -338 | 100 |
| 2053 | -359 | 95 |
| 2054 | -380 | 91 |
| 2055 | -401 | 86 |
| 2056 | -422 | 81 |
| 2057 | -444 | 76 |
| 2058 | -465 | 70 |
| 2059 | -487 | 64 |
| 2060 | -509 | 58 |
| 2061 | -531 | 52 |
| 2062 | -554 | 45 |
| 2063 | -577 | 38 |
| 2064 | -601 | 31 |
| 2065 | -625 | 23 |
| 2066 | -649 | 15 |
| 2067 | -674 | 7 |
| 2068 | -699 | -2 |
| 2069 | -724 | -11 |
| 2070 | -749 | -20 |
| 2071 | -776 | -30 |
| 2072 | -802 | -40 |
| 2073 | -830 | -50 |
| 2074 | -857 | -61 |
| 2075 | -885 | -72 |
| 2076 | -914 | -83 |
| 2077 | -944 | -95 |
| 2078 | -975 | -106 |
| 2079 | -1007 | -118 |
| 2080 | -1039 | -130 |
| 2081 | -1072 | -143 |
| 2082 | -1106 | -155 |
| 2083 | -1139 | -167 |
| 2084 | -1173 | -179 |
| 2085 | -1207 | -191 |
| 2086 | -1242 | -204 |
| 2087 | -1275 | -216 |
| 2088 | -1309 | -228 |
| 2089 | -1342 | -240 |
| 2090 | -1375 | -252 |
| 2091 | -1407 | -264 |
| 2092 | -1439 | -277 |
| 2093 | -1471 | -289 |
| 2094 | -1503 | -302 |
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