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 |
2015 | 308 | 308 |
2016 | 298 | 298 |
2017 | 280 | 280 |
2018 | 264 | 267 |
2019 | 248 | 259 |
2020 | 233 | 253 |
2021 | 219 | 251 |
2022 | 204 | 251 |
2023 | 189 | 251 |
2024 | 173 | 249 |
2025 | 157 | 247 |
2026 | 142 | 245 |
2027 | 126 | 243 |
2028 | 110 | 241 |
2029 | 94 | 239 |
2030 | 77 | 236 |
2031 | 60 | 233 |
2032 | 42 | 230 |
2033 | 23 | 226 |
2034 | 4 | 222 |
2035 | -16 | 218 |
2036 | -36 | 213 |
2037 | -57 | 208 |
2038 | -78 | 203 |
2039 | -100 | 198 |
2040 | -122 | 193 |
2041 | -144 | 189 |
2042 | -166 | 184 |
2043 | -189 | 179 |
2044 | -211 | 175 |
2045 | -234 | 170 |
2046 | -257 | 166 |
2047 | -280 | 161 |
2048 | -303 | 157 |
2049 | -327 | 152 |
2050 | -351 | 148 |
2051 | -375 | 143 |
2052 | -398 | 138 |
2053 | -423 | 133 |
2054 | -447 | 127 |
2055 | -472 | 122 |
2056 | -496 | 116 |
2057 | -522 | 109 |
2058 | -548 | 102 |
2059 | -574 | 95 |
2060 | -601 | 88 |
2061 | -629 | 80 |
2062 | -657 | 72 |
2063 | -685 | 64 |
2064 | -714 | 55 |
2065 | -744 | 46 |
2066 | -774 | 36 |
2067 | -804 | 26 |
2068 | -835 | 16 |
2069 | -867 | 6 |
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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