Proposed Provision: Eliminate the taxable maximum in years 2019 and later. Phase in elimination by taxing all earnings above the current law taxable maximum at: 2.48 percent in 2015, 4.96 percent in 2016, and so on, up to 12.40 percent in 2019. 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 |
2013 | 330 | 330 |
2014 | 315 | 315 |
2015 | 301 | 301 |
2016 | 286 | 289 |
2017 | 271 | 281 |
2018 | 257 | 277 |
2019 | 244 | 277 |
2020 | 231 | 279 |
2021 | 218 | 280 |
2022 | 204 | 280 |
2023 | 189 | 279 |
2024 | 173 | 278 |
2025 | 158 | 275 |
2026 | 142 | 273 |
2027 | 125 | 270 |
2028 | 108 | 267 |
2029 | 90 | 263 |
2030 | 71 | 259 |
2031 | 52 | 253 |
2032 | 31 | 248 |
2033 | 11 | 242 |
2034 | -11 | 236 |
2035 | -32 | 229 |
2036 | -55 | 223 |
2037 | -78 | 216 |
2038 | -101 | 210 |
2039 | -124 | 203 |
2040 | -148 | 197 |
2041 | -172 | 191 |
2042 | -196 | 185 |
2043 | -220 | 179 |
2044 | -245 | 173 |
2045 | -269 | 167 |
2046 | -294 | 160 |
2047 | -319 | 154 |
2048 | -345 | 148 |
2049 | -371 | 142 |
2050 | -397 | 136 |
2051 | -423 | 130 |
2052 | -449 | 123 |
2053 | -476 | 116 |
2054 | -502 | 109 |
2055 | -530 | 102 |
2056 | -557 | 94 |
2057 | -585 | 86 |
2058 | -613 | 78 |
2059 | -642 | 69 |
2060 | -671 | 60 |
2061 | -701 | 51 |
2062 | -732 | 41 |
2063 | -763 | 32 |
2064 | -794 | 21 |
2065 | -826 | 11 |
2066 | -859 | 0 |
2067 | -892 | -11 |
2068 | -925 | -23 |
2069 | -959 | -35 |
2070 | -993 | -47 |
2071 | -1028 | -59 |
2072 | -1064 | -72 |
2073 | -1101 | -85 |
2074 | -1139 | -99 |
2075 | -1178 | -113 |
2076 | -1217 | -127 |
2077 | -1258 | -141 |
2078 | -1299 | -155 |
2079 | -1340 | -170 |
2080 | -1382 | -185 |
2081 | -1424 | -200 |
2082 | -1466 | -215 |
2083 | -1508 | -231 |
2084 | -1550 | -246 |
2085 | -1592 | -262 |
2086 | -1635 | -279 |
2087 | -1678 | -295 |
2088 | -1722 | -312 |
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