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 |
2012 | 340 | 340 |
2013 | 329 | 329 |
2014 | 315 | 315 |
2015 | 302 | 302 |
2016 | 290 | 291 |
2017 | 277 | 282 |
2018 | 265 | 276 |
2019 | 253 | 270 |
2020 | 240 | 265 |
2021 | 227 | 260 |
2022 | 212 | 256 |
2023 | 197 | 252 |
2024 | 181 | 248 |
2025 | 164 | 245 |
2026 | 147 | 241 |
2027 | 129 | 237 |
2028 | 110 | 231 |
2029 | 90 | 225 |
2030 | 70 | 218 |
2031 | 49 | 211 |
2032 | 27 | 203 |
2033 | 5 | 195 |
2034 | -18 | 186 |
2035 | -41 | 177 |
2036 | -65 | 169 |
2037 | -89 | 160 |
2038 | -114 | 151 |
2039 | -138 | 142 |
2040 | -163 | 133 |
2041 | -189 | 125 |
2042 | -215 | 116 |
2043 | -240 | 108 |
2044 | -266 | 99 |
2045 | -292 | 90 |
2046 | -319 | 82 |
2047 | -346 | 73 |
2048 | -373 | 65 |
2049 | -400 | 56 |
2050 | -428 | 47 |
2051 | -456 | 39 |
2052 | -484 | 30 |
2053 | -512 | 21 |
2054 | -540 | 12 |
2055 | -569 | 2 |
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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