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 |
2012 | 340 | 340 |
2013 | 329 | 329 |
2014 | 315 | 315 |
2015 | 302 | 305 |
2016 | 290 | 299 |
2017 | 277 | 297 |
2018 | 265 | 298 |
2019 | 253 | 302 |
2020 | 240 | 304 |
2021 | 227 | 305 |
2022 | 212 | 304 |
2023 | 197 | 302 |
2024 | 181 | 299 |
2025 | 164 | 296 |
2026 | 147 | 292 |
2027 | 129 | 287 |
2028 | 110 | 282 |
2029 | 90 | 276 |
2030 | 70 | 269 |
2031 | 49 | 263 |
2032 | 27 | 255 |
2033 | 5 | 248 |
2034 | -18 | 240 |
2035 | -41 | 232 |
2036 | -65 | 224 |
2037 | -89 | 216 |
2038 | -114 | 208 |
2039 | -138 | 201 |
2040 | -163 | 193 |
2041 | -189 | 186 |
2042 | -215 | 178 |
2043 | -240 | 171 |
2044 | -266 | 164 |
2045 | -292 | 156 |
2046 | -319 | 149 |
2047 | -346 | 142 |
2048 | -373 | 135 |
2049 | -400 | 128 |
2050 | -428 | 120 |
2051 | -456 | 113 |
2052 | -484 | 106 |
2053 | -512 | 98 |
2054 | -540 | 91 |
2055 | -569 | 83 |
2056 | -598 | 75 |
2057 | -628 | 67 |
2058 | -657 | 58 |
2059 | -688 | 50 |
2060 | -719 | 41 |
2061 | -750 | 32 |
2062 | -782 | 23 |
2063 | -814 | 14 |
2064 | -847 | 5 |
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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