Proposed Provision: Eliminate the taxable maximum in years 2018 and later. Phase in elimination by taxing all earnings above the current law taxable maximum at 2.48% in 2014, 4.96% in 2015, up to 12.4% in 2018 and later. Credit the additional earnings for benefit purposes by: (a) calculating a second average indexed monthly earnings (AIME+) reflecting only earnings taxed above the current law taxable maximum, (b) applying a 5 percent factor on this newly computed AIME+ to develop a second component of the PIA, and (c) adding this second component to the current-law PIA.

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

Year Present Law Provision
2012340340
2013329329
2014315315
2015302305
2016290299
2017277297
2018265298
2019253302
2020240304
2021227305
2022212304
2023197302
2024181299
2025164296
2026147292
2027129287
2028110282
202990276
203070269
203149263
203227255
20335248
2034-18240
2035-41232
2036-65224
2037-89216
2038-114208
2039-138201
2040-163193
2041-189186
2042-215178
2043-240171
2044-266164
2045-292156
2046-319149
2047-346142
2048-373135
2049-400128
2050-428120
2051-456113
2052-484106
2053-51298
2054-54091
2055-56983
2056-59875
2057-62867
2058-65758
2059-68850
2060-71941
2061-75032
2062-78223
2063-81414
2064-8475
2065-880-5
2066-913-14
2067-946-24
2068-980-34
2069-1014-44
2070-1049-55
2071-1084-66
2072-1120-77
2073-1156-88
2074-1193-100
2075-1230-112
2076-1268-124
2077-1307-136
2078-1346-149
2079-1385-161
2080-1425-174
2081-1465-188
2082-1505-202
2083-1547-215
2084-1588-230
2085-1631-244
2086-1673-259
2087-1717-275
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