Proposed Provision: Eliminate the taxable maximum for years 2018 and later (phased in 2012-2017), and apply full 12.4 percent payroll tax rate to all earnings. Provide benefit credit for earnings above the current-law taxable maximum, using a secondary PIA formula with two new bend points (one at the current-law taxable maximum and one 134 percent higher than the current-law taxable maximum), and apply formula factors of 3 percent and 0.25 percent, respectively.

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

Year Present Law Provision
2011353353
2012347347
2013341343
2014334341
2015328341
2016321344
2017314348
2018306354
2019296359
2020284362
2021272364
2022259365
2023245365
2024230364
2025214363
2026198361
2027181358
2028164354
2029145350
2030127346
2031107341
203287336
203367331
203446326
203525321
20364316
2037-18311
2038-40307
2039-62302
2040-85298
2041-108294
2042-130291
2043-153287
2044-176284
2045-200281
2046-223278
2047-247274
2048-271271
2049-295268
2050-319266
2051-343263
2052-368259
2053-393256
2054-418253
2055-443249
2056-468246
2057-494242
2058-521238
2059-548234
2060-575230
2061-602226
2062-630222
2063-659217
2064-687213
2065-716208
2066-746203
2067-775198
2068-805193
2069-835188
2070-866182
2071-897176
2072-928170
2073-960164
2074-992157
2075-1025151
2076-1058144
2077-1092136
2078-1126129
2079-1161121
2080-1196113
2081-1232105
2082-126896
2083-130587
2084-134278
2085-138069
2086-141959
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