Proposed Provision: E2.11. Eliminate the taxable maximum in years 2027 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2023, 4.96 percent in 2024, and so on, up to 12.40 percent in 2027. 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 2022 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 |
| 2021 | 253 | 253 |
| 2022 | 231 | 231 |
| 2023 | 214 | 214 |
| 2024 | 196 | 199 |
| 2025 | 178 | 187 |
| 2026 | 159 | 178 |
| 2027 | 141 | 171 |
| 2028 | 122 | 166 |
| 2029 | 104 | 161 |
| 2030 | 85 | 154 |
| 2031 | 66 | 148 |
| 2032 | 46 | 142 |
| 2033 | 27 | 135 |
| 2034 | 7 | 128 |
| 2035 | -13 | 122 |
| 2036 | -33 | 116 |
| 2037 | -54 | 110 |
| 2038 | -76 | 104 |
| 2039 | -97 | 98 |
| 2040 | -119 | 91 |
| 2041 | -142 | 85 |
| 2042 | -165 | 78 |
| 2043 | -188 | 71 |
| 2044 | -211 | 64 |
| 2045 | -235 | 57 |
| 2046 | -258 | 50 |
| 2047 | -282 | 43 |
| 2048 | -306 | 36 |
| 2049 | -330 | 28 |
| 2050 | -354 | 21 |
| 2051 | -378 | 13 |
| 2052 | -403 | 5 |
| 2053 | -427 | -3 |
| 2054 | -452 | -11 |
| 2055 | -477 | -19 |
| 2056 | -502 | -28 |
| 2057 | -527 | -37 |
| 2058 | -552 | -46 |
| 2059 | -578 | -55 |
| 2060 | -604 | -65 |
| 2061 | -630 | -75 |
| 2062 | -657 | -85 |
| 2063 | -684 | -96 |
| 2064 | -712 | -107 |
| 2065 | -740 | -118 |
| 2066 | -768 | -130 |
| 2067 | -796 | -142 |
| 2068 | -825 | -154 |
| 2069 | -855 | -167 |
| 2070 | -884 | -180 |
| 2071 | -914 | -193 |
| 2072 | -945 | -206 |
| 2073 | -976 | -220 |
| 2074 | -1007 | -234 |
| 2075 | -1039 | -249 |
| 2076 | -1071 | -264 |
| 2077 | -1105 | -279 |
| 2078 | -1139 | -295 |
| 2079 | -1175 | -311 |
| 2080 | -1211 | -327 |
| 2081 | -1248 | -343 |
| 2082 | -1286 | -360 |
| 2083 | -1324 | -377 |
| 2084 | -1363 | -394 |
| 2085 | -1403 | -411 |
| 2086 | -1443 | -427 |
| 2087 | -1483 | -444 |
| 2088 | -1524 | -461 |
| 2089 | -1564 | -478 |
| 2090 | -1604 | -494 |
| 2091 | -1643 | -509 |
| 2092 | -1681 | -525 |
| 2093 | -1718 | -539 |
| 2094 | -1754 | -554 |
| 2095 | -1789 | -568 |
| 2096 | -1825 | -583 |
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