Proposed Provision: Eliminate the taxable maximum in years 2027 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2018, 2.48 percent in 2019, and so on, up to 11.16 percent in 2026. Provide benefit credit for earnings above the current-law taxable maximum. Create a new bend point at the current-law taxable maximum with a 3 percent formula factor applying above the 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 | 264 |
2019 | 248 | 250 |
2020 | 233 | 238 |
2021 | 219 | 229 |
2022 | 204 | 220 |
2023 | 189 | 213 |
2024 | 173 | 206 |
2025 | 157 | 200 |
2026 | 142 | 196 |
2027 | 126 | 193 |
2028 | 110 | 191 |
2029 | 94 | 189 |
2030 | 77 | 186 |
2031 | 60 | 183 |
2032 | 42 | 179 |
2033 | 23 | 175 |
2034 | 4 | 170 |
2035 | -16 | 165 |
2036 | -36 | 160 |
2037 | -57 | 154 |
2038 | -78 | 148 |
2039 | -100 | 142 |
2040 | -122 | 136 |
2041 | -144 | 131 |
2042 | -166 | 125 |
2043 | -189 | 119 |
2044 | -211 | 113 |
2045 | -234 | 108 |
2046 | -257 | 102 |
2047 | -280 | 96 |
2048 | -303 | 91 |
2049 | -327 | 85 |
2050 | -351 | 79 |
2051 | -375 | 73 |
2052 | -398 | 67 |
2053 | -423 | 61 |
2054 | -447 | 54 |
2055 | -472 | 48 |
2056 | -496 | 40 |
2057 | -522 | 33 |
2058 | -548 | 25 |
2059 | -574 | 17 |
2060 | -601 | 8 |
2061 | -629 | -1 |
2062 | -657 | -10 |
2063 | -685 | -19 |
2064 | -714 | -29 |
2065 | -744 | -40 |
2066 | -774 | -50 |
2067 | -804 | -61 |
2068 | -835 | -72 |
2069 | -867 | -84 |
2070 | -899 | -96 |
2071 | -932 | -109 |
2072 | -965 | -122 |
2073 | -1000 | -135 |
2074 | -1035 | -149 |
2075 | -1072 | -163 |
2076 | -1110 | -177 |
2077 | -1148 | -191 |
2078 | -1188 | -206 |
2079 | -1228 | -221 |
2080 | -1268 | -237 |
2081 | -1309 | -252 |
2082 | -1350 | -268 |
2083 | -1391 | -283 |
2084 | -1432 | -299 |
2085 | -1472 | -315 |
2086 | -1514 | -331 |
2087 | -1555 | -348 |
2088 | -1597 | -365 |
2089 | -1640 | -382 |
2090 | -1683 | -399 |
back