Proposed Provision: Eliminate the taxable maximum in years 2021 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2017, 4.96 percent in 2018, and so on, up to 12.40 percent in 2021. Provide benefit credit for earnings above the current-law taxable maximum that are subject to the payroll tax, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from annual earnings from each year after 2016 that were in excess of that year's current-law taxable maximum; and (2) a formula factor of 5 percent on this newly computed "AIME+".

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

Year Present Law Provision
2015308308
2016298298
2017280280
2018264267
2019248259
2020233253
2021219251
2022204251
2023189251
2024173249
2025157247
2026142245
2027126243
2028110241
202994239
203077236
203160233
203242230
203323226
20344222
2035-16218
2036-36213
2037-57208
2038-78203
2039-100198
2040-122193
2041-144189
2042-166184
2043-189179
2044-211175
2045-234170
2046-257166
2047-280161
2048-303157
2049-327152
2050-351148
2051-375143
2052-398138
2053-423133
2054-447127
2055-472122
2056-496116
2057-522109
2058-548102
2059-57495
2060-60188
2061-62980
2062-65772
2063-68564
2064-71455
2065-74446
2066-77436
2067-80426
2068-83516
2069-8676
2070-899-5
2071-932-17
2072-965-28
2073-1000-41
2074-1035-53
2075-1072-66
2076-1110-79
2077-1148-92
2078-1188-105
2079-1228-119
2080-1268-133
2081-1309-147
2082-1350-161
2083-1391-175
2084-1432-189
2085-1472-204
2086-1514-219
2087-1555-234
2088-1597-250
2089-1640-266
2090-1683-282
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