Proposed Provision: Eliminate the taxable maximum in years 2026 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2017, 2.48 percent in 2018, and so on, up to 11.16 percent in 2025. 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 5 percent for AIME above this new bend point.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Present Law |
Provision |
2015 | 308 | 308 |
2016 | 298 | 298 |
2017 | 280 | 280 |
2018 | 264 | 266 |
2019 | 248 | 254 |
2020 | 233 | 243 |
2021 | 219 | 235 |
2022 | 204 | 228 |
2023 | 189 | 222 |
2024 | 173 | 216 |
2025 | 157 | 212 |
2026 | 142 | 209 |
2027 | 126 | 207 |
2028 | 110 | 205 |
2029 | 94 | 203 |
2030 | 77 | 200 |
2031 | 60 | 197 |
2032 | 42 | 193 |
2033 | 23 | 189 |
2034 | 4 | 184 |
2035 | -16 | 179 |
2036 | -36 | 174 |
2037 | -57 | 168 |
2038 | -78 | 162 |
2039 | -100 | 156 |
2040 | -122 | 151 |
2041 | -144 | 145 |
2042 | -166 | 139 |
2043 | -189 | 133 |
2044 | -211 | 128 |
2045 | -234 | 122 |
2046 | -257 | 116 |
2047 | -280 | 111 |
2048 | -303 | 105 |
2049 | -327 | 99 |
2050 | -351 | 93 |
2051 | -375 | 87 |
2052 | -398 | 81 |
2053 | -423 | 75 |
2054 | -447 | 68 |
2055 | -472 | 61 |
2056 | -496 | 54 |
2057 | -522 | 46 |
2058 | -548 | 38 |
2059 | -574 | 30 |
2060 | -601 | 21 |
2061 | -629 | 12 |
2062 | -657 | 3 |
2063 | -685 | -7 |
2064 | -714 | -17 |
2065 | -744 | -27 |
2066 | -774 | -38 |
2067 | -804 | -49 |
2068 | -835 | -61 |
2069 | -867 | -73 |
2070 | -899 | -85 |
2071 | -932 | -98 |
2072 | -965 | -111 |
2073 | -1000 | -125 |
2074 | -1035 | -139 |
2075 | -1072 | -153 |
2076 | -1110 | -168 |
2077 | -1148 | -182 |
2078 | -1188 | -198 |
2079 | -1228 | -213 |
2080 | -1268 | -229 |
2081 | -1309 | -244 |
2082 | -1350 | -260 |
2083 | -1391 | -276 |
2084 | -1432 | -292 |
2085 | -1472 | -309 |
2086 | -1514 | -325 |
2087 | -1555 | -342 |
2088 | -1597 | -359 |
2089 | -1640 | -377 |
2090 | -1683 | -395 |
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