Proposed Provision: Eliminate the taxable maximum in years 2026 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2017, 2.48 percent in 2018, and so on, up to 11.16 percent in 2025. 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 Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Present Law Provision
2015308308
2016298298
2017280280
2018264266
2019248254
2020233243
2021219235
2022204228
2023189222
2024173216
2025157212
2026142209
2027126207
2028110205
202994203
203077200
203160197
203242193
203323189
20344184
2035-16179
2036-36174
2037-57168
2038-78162
2039-100156
2040-122151
2041-144145
2042-166139
2043-189133
2044-211128
2045-234122
2046-257116
2047-280111
2048-303105
2049-32799
2050-35193
2051-37587
2052-39881
2053-42375
2054-44768
2055-47261
2056-49654
2057-52246
2058-54838
2059-57430
2060-60121
2061-62912
2062-6573
2063-685-7
2064-714-17
2065-744-27
2066-774-38
2067-804-49
2068-835-61
2069-867-73
2070-899-85
2071-932-98
2072-965-111
2073-1000-125
2074-1035-139
2075-1072-153
2076-1110-168
2077-1148-182
2078-1188-198
2079-1228-213
2080-1268-229
2081-1309-244
2082-1350-260
2083-1391-276
2084-1432-292
2085-1472-309
2086-1514-325
2087-1555-342
2088-1597-359
2089-1640-377
2090-1683-395
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