Proposed Provision: E2.11. Eliminate the taxable maximum in years 2028 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2024, 4.96 percent in 2025, and so on, up to 12.40 percent in 2028. 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 2022 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 |
Current Law |
Provision |
2022 | 230 | 230 |
2023 | 211 | 211 |
2024 | 194 | 194 |
2025 | 177 | 181 |
2026 | 160 | 170 |
2027 | 143 | 163 |
2028 | 126 | 159 |
2029 | 109 | 157 |
2030 | 91 | 154 |
2031 | 74 | 151 |
2032 | 57 | 148 |
2033 | 39 | 145 |
2034 | 21 | 141 |
2035 | 3 | 138 |
2036 | -16 | 135 |
2037 | -35 | 131 |
2038 | -54 | 128 |
2039 | -74 | 123 |
2040 | -95 | 119 |
2041 | -116 | 115 |
2042 | -137 | 110 |
2043 | -158 | 106 |
2044 | -180 | 101 |
2045 | -202 | 96 |
2046 | -224 | 91 |
2047 | -246 | 86 |
2048 | -268 | 80 |
2049 | -291 | 74 |
2050 | -313 | 68 |
2051 | -336 | 62 |
2052 | -359 | 56 |
2053 | -383 | 49 |
2054 | -406 | 42 |
2055 | -430 | 35 |
2056 | -453 | 27 |
2057 | -477 | 19 |
2058 | -501 | 11 |
2059 | -525 | 2 |
2060 | -550 | -7 |
2061 | -575 | -16 |
2062 | -601 | -26 |
2063 | -627 | -36 |
2064 | -654 | -46 |
2065 | -681 | -57 |
2066 | -708 | -68 |
2067 | -736 | -79 |
2068 | -764 | -91 |
2069 | -792 | -103 |
2070 | -821 | -115 |
2071 | -850 | -128 |
2072 | -880 | -141 |
2073 | -910 | -155 |
2074 | -940 | -168 |
2075 | -971 | -182 |
2076 | -1003 | -197 |
2077 | -1036 | -211 |
2078 | -1069 | -227 |
2079 | -1104 | -242 |
2080 | -1139 | -258 |
2081 | -1175 | -273 |
2082 | -1212 | -289 |
2083 | -1249 | -306 |
2084 | -1286 | -322 |
2085 | -1324 | -338 |
2086 | -1363 | -354 |
2087 | -1402 | -370 |
2088 | -1442 | -386 |
2089 | -1481 | -402 |
2090 | -1520 | -418 |
2091 | -1558 | -433 |
2092 | -1595 | -448 |
2093 | -1632 | -463 |
2094 | -1668 | -477 |
2095 | -1703 | -491 |
2096 | -1738 | -505 |
2097 | -1773 | -519 |
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