Proposed Provision: Eliminate the taxable maximum in years 2024 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2015, 2.48 percent in 2016, and so on, up to 11.16 percent in 2023. Provide benefit credit for earnings above the current-law taxable maximum, adding a bend point at the current-law taxable maximum and applying a formula factor of 5 percent for AIME above this new bend point.

OASDI Cost Rates and Income Rates
(as a percentage of taxable payroll)

  Income Rates Cost Rates
Year Present Law Provision Present Law Provision
201312.712.713.913.9
201412.812.814.014.0
201512.913.114.014.0
201612.913.413.913.9
201712.913.713.913.9
201812.913.913.913.9
201912.914.214.114.1
202013.014.414.314.3
202113.014.714.414.5
202213.014.914.714.7
202313.015.115.015.0
202413.115.415.215.3
202513.115.415.515.5
202613.115.415.715.7
202713.115.415.916.0
202813.115.416.116.2
202913.115.416.316.4
203013.115.516.516.6
203113.115.516.616.7
203213.115.516.816.9
203313.215.516.917.0
203413.215.516.917.1
203513.215.517.017.1
203613.215.517.017.2
203713.215.517.017.2
203813.215.517.017.2
203913.215.517.017.2
204013.215.517.017.2
204113.215.516.917.1
204213.215.516.917.1
204313.215.516.917.1
204413.215.516.817.1
204513.215.516.817.1
204613.215.516.817.1
204713.215.516.817.1
204813.215.516.817.0
204913.215.516.817.0
205013.215.516.817.1
205113.215.516.817.1
205213.215.516.817.1
205313.215.516.817.1
205413.215.616.917.2
205513.215.616.917.2
205613.215.617.017.3
205713.215.617.017.3
205813.215.617.017.4
205913.215.617.117.4
206013.215.617.117.5
206113.215.617.217.5
206213.215.617.217.6
206313.215.617.317.6
206413.215.617.317.6
206513.215.617.417.7
206613.215.617.417.7
206713.215.617.417.8
206813.215.617.517.8
206913.215.617.517.9
207013.215.617.617.9
207113.215.617.618.0
207213.215.617.718.0
207313.215.617.718.0
207413.215.617.718.1
207513.215.617.718.1
207613.215.617.718.1
207713.215.617.718.1
207813.215.617.718.1
207913.215.617.718.1
208013.215.717.818.1
208113.215.717.818.1
208213.215.717.818.2
208313.215.717.818.2
208413.215.717.918.2
208513.215.717.918.3
208613.215.718.018.3
208713.215.718.018.4
208813.215.718.118.4
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