Proposed Provision: Eliminate the taxable maximum for years 2022 and later (phased in 2016-2021), and apply full 12.4 percent payroll tax rate to all earnings. 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 2015 that were in excess of that year's current-law taxable maximum; (2) a new bend point equal to 134 percent of the monthly current-law taxable maximum; and (3) formula factors of 3 percent and 0.25 percent below and above the new bend point, respectively.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Present Law |
Provision |
2015 | 308 | 308 |
2016 | 298 | 298 |
2017 | 280 | 283 |
2018 | 264 | 271 |
2019 | 248 | 263 |
2020 | 233 | 257 |
2021 | 219 | 254 |
2022 | 204 | 252 |
2023 | 189 | 251 |
2024 | 173 | 249 |
2025 | 157 | 248 |
2026 | 142 | 246 |
2027 | 126 | 244 |
2028 | 110 | 242 |
2029 | 94 | 239 |
2030 | 77 | 237 |
2031 | 60 | 235 |
2032 | 42 | 231 |
2033 | 23 | 228 |
2034 | 4 | 224 |
2035 | -16 | 220 |
2036 | -36 | 215 |
2037 | -57 | 211 |
2038 | -78 | 206 |
2039 | -100 | 202 |
2040 | -122 | 197 |
2041 | -144 | 193 |
2042 | -166 | 189 |
2043 | -189 | 185 |
2044 | -211 | 180 |
2045 | -234 | 176 |
2046 | -257 | 173 |
2047 | -280 | 169 |
2048 | -303 | 165 |
2049 | -327 | 161 |
2050 | -351 | 157 |
2051 | -375 | 153 |
2052 | -398 | 149 |
2053 | -423 | 144 |
2054 | -447 | 140 |
2055 | -472 | 135 |
2056 | -496 | 130 |
2057 | -522 | 124 |
2058 | -548 | 118 |
2059 | -574 | 112 |
2060 | -601 | 106 |
2061 | -629 | 99 |
2062 | -657 | 92 |
2063 | -685 | 84 |
2064 | -714 | 76 |
2065 | -744 | 68 |
2066 | -774 | 60 |
2067 | -804 | 51 |
2068 | -835 | 42 |
2069 | -867 | 32 |
2070 | -899 | 22 |
2071 | -932 | 12 |
2072 | -965 | 2 |
2073 | -1000 | -9 |
2074 | -1035 | -20 |
2075 | -1072 | -32 |
2076 | -1110 | -44 |
2077 | -1148 | -55 |
2078 | -1188 | -68 |
2079 | -1228 | -80 |
2080 | -1268 | -92 |
2081 | -1309 | -105 |
2082 | -1350 | -118 |
2083 | -1391 | -130 |
2084 | -1432 | -143 |
2085 | -1472 | -157 |
2086 | -1514 | -170 |
2087 | -1555 | -184 |
2088 | -1597 | -198 |
2089 | -1640 | -213 |
2090 | -1683 | -228 |
back