Proposed Provision: E2.11. Eliminate the taxable maximum in years 2023 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2019, 4.96 percent in 2020, and so on, up to 12.40 percent in 2023. 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 2017 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
2017298298
2018287287
2019273273
2020259262
2021245255
2022230249
2023215246
2024199244
2025182242
2026165238
2027148233
2028130228
2029112223
203094218
203175213
203256207
203337202
203416195
2035-4189
2036-26182
2037-47175
2038-70168
2039-92162
2040-115155
2041-138149
2042-161142
2043-184136
2044-207130
2045-230124
2046-253119
2047-276113
2048-300107
2049-323102
2050-34696
2051-37091
2052-39385
2053-41780
2054-44074
2055-46468
2056-48762
2057-51155
2058-53648
2059-56041
2060-58534
2061-61126
2062-63718
2063-66310
2064-6901
2065-717-8
2066-745-17
2067-772-26
2068-801-36
2069-829-46
2070-858-57
2071-888-68
2072-918-79
2073-949-91
2074-981-102
2075-1014-115
2076-1047-127
2077-1082-140
2078-1117-153
2079-1153-166
2080-1190-179
2081-1227-192
2082-1264-205
2083-1300-219
2084-1337-232
2085-1374-246
2086-1410-260
2087-1446-274
2088-1483-288
2089-1520-302
2090-1557-317
2091-1595-332
2092-1633-347
back