Proposed Provision: E2.11. Eliminate the taxable maximum in years 2029 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2025, 4.96 percent in 2026, and so on, up to 12.40 percent in 2029. 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 2024 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 |
| 2023 | 204 | 204 |
| 2024 | 187 | 187 |
| 2025 | 168 | 168 |
| 2026 | 149 | 152 |
| 2027 | 131 | 140 |
| 2028 | 114 | 132 |
| 2029 | 96 | 126 |
| 2030 | 78 | 122 |
| 2031 | 60 | 119 |
| 2032 | 43 | 115 |
| 2033 | 25 | 111 |
| 2034 | 7 | 107 |
| 2035 | -12 | 104 |
| 2036 | -31 | 100 |
| 2037 | -51 | 96 |
| 2038 | -70 | 91 |
| 2039 | -91 | 87 |
| 2040 | -112 | 82 |
| 2041 | -133 | 77 |
| 2042 | -154 | 72 |
| 2043 | -176 | 66 |
| 2044 | -198 | 61 |
| 2045 | -220 | 55 |
| 2046 | -243 | 50 |
| 2047 | -265 | 44 |
| 2048 | -288 | 38 |
| 2049 | -311 | 32 |
| 2050 | -333 | 25 |
| 2051 | -357 | 19 |
| 2052 | -380 | 12 |
| 2053 | -403 | 5 |
| 2054 | -427 | -3 |
| 2055 | -450 | -10 |
| 2056 | -474 | -19 |
| 2057 | -498 | -27 |
| 2058 | -522 | -36 |
| 2059 | -547 | -45 |
| 2060 | -572 | -55 |
| 2061 | -597 | -65 |
| 2062 | -623 | -76 |
| 2063 | -650 | -87 |
| 2064 | -677 | -99 |
| 2065 | -705 | -110 |
| 2066 | -733 | -123 |
| 2067 | -762 | -135 |
| 2068 | -791 | -148 |
| 2069 | -820 | -161 |
| 2070 | -850 | -175 |
| 2071 | -880 | -189 |
| 2072 | -911 | -203 |
| 2073 | -942 | -218 |
| 2074 | -974 | -233 |
| 2075 | -1006 | -248 |
| 2076 | -1039 | -264 |
| 2077 | -1074 | -280 |
| 2078 | -1108 | -296 |
| 2079 | -1144 | -313 |
| 2080 | -1181 | -330 |
| 2081 | -1218 | -348 |
| 2082 | -1256 | -365 |
| 2083 | -1294 | -382 |
| 2084 | -1333 | -400 |
| 2085 | -1373 | -417 |
| 2086 | -1413 | -435 |
| 2087 | -1453 | -453 |
| 2088 | -1494 | -470 |
| 2089 | -1534 | -487 |
| 2090 | -1574 | -504 |
| 2091 | -1613 | -521 |
| 2092 | -1651 | -537 |
| 2093 | -1689 | -553 |
| 2094 | -1726 | -568 |
| 2095 | -1762 | -583 |
| 2096 | -1798 | -598 |
| 2097 | -1833 | -613 |
| 2098 | -1868 | -628 |
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