Proposed Provision: Eliminate the taxable maximum in years 2024 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2015, 2.48 percent in 2016, and so on, up to 11.16 percent in 2023. 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 3 percent for AIME above the new bend point.

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

Year Present Law Provision
2012340340
2013329329
2014315315
2015302302
2016290291
2017277282
2018265276
2019253270
2020240265
2021227260
2022212256
2023197252
2024181248
2025164245
2026147241
2027129237
2028110231
202990225
203070218
203149211
203227203
20335195
2034-18186
2035-41177
2036-65169
2037-89160
2038-114151
2039-138142
2040-163133
2041-189125
2042-215116
2043-240108
2044-26699
2045-29290
2046-31982
2047-34673
2048-37365
2049-40056
2050-42847
2051-45639
2052-48430
2053-51221
2054-54012
2055-5692
2056-598-7
2057-628-17
2058-657-26
2059-688-36
2060-719-47
2061-750-57
2062-782-67
2063-814-78
2064-847-89
2065-880-100
2066-913-111
2067-946-122
2068-980-134
2069-1014-145
2070-1049-157
2071-1084-170
2072-1120-182
2073-1156-195
2074-1193-208
2075-1230-221
2076-1268-235
2077-1307-249
2078-1346-263
2079-1385-277
2080-1425-292
2081-1465-307
2082-1505-322
2083-1547-337
2084-1588-353
2085-1631-369
2086-1673-386
2087-1717-403
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