Proposed Provision: Eliminate the taxable maximum in years 2019 and later. Phase in elimination by taxing all earnings above the current law taxable maximum at: 2.48 percent in 2015, 4.96 percent in 2016, and so on, up to 12.40 percent in 2019. Credit the additional earnings for benefit purposes by: (a) calculating a second average indexed monthly earnings (AIME+) reflecting only earnings taxed above the current law taxable maximum, (b) applying a 5 percent factor on this newly computed AIME+ to develop a second component of the PIA, and (c) adding this second component to the current-law PIA.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Present Law Provision
2013330330
2014315315
2015301301
2016286289
2017271281
2018257277
2019244277
2020231279
2021218280
2022204280
2023189279
2024173278
2025158275
2026142273
2027125270
2028108267
202990263
203071259
203152253
203231248
203311242
2034-11236
2035-32229
2036-55223
2037-78216
2038-101210
2039-124203
2040-148197
2041-172191
2042-196185
2043-220179
2044-245173
2045-269167
2046-294160
2047-319154
2048-345148
2049-371142
2050-397136
2051-423130
2052-449123
2053-476116
2054-502109
2055-530102
2056-55794
2057-58586
2058-61378
2059-64269
2060-67160
2061-70151
2062-73241
2063-76332
2064-79421
2065-82611
2066-8590
2067-892-11
2068-925-23
2069-959-35
2070-993-47
2071-1028-59
2072-1064-72
2073-1101-85
2074-1139-99
2075-1178-113
2076-1217-127
2077-1258-141
2078-1299-155
2079-1340-170
2080-1382-185
2081-1424-200
2082-1466-215
2083-1508-231
2084-1550-246
2085-1592-262
2086-1635-279
2087-1678-295
2088-1722-312
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