Proposed Provision: Eliminate the taxable maximum in years 2022 and later (phase in by applying a portion of the payroll tax rate to earnings above the current-law taxable maximum: 1.24 percent in 2013; 2.48 percent in 2014; ; 11.16 percent in 2021). Provide benefit credit for earnings above the current-law taxable maximum (phased in at the same proportion as the payroll tax rate during 2013-2021). Revise the benefit formula by 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
2011353353
2012347347
2013341341
2014334336
2015328332
2016321331
2017314330
2018306330
2019296329
2020284328
2021272327
2022259327
2023245326
2024230326
2025214324
2026198321
2027181318
2028164314
2029145309
2030127304
2031107298
203287292
203367286
203446280
203525274
20364268
2037-18261
2038-40255
2039-62249
2040-85243
2041-108238
2042-130232
2043-153227
2044-176221
2045-200216
2046-223211
2047-247205
2048-271200
2049-295195
2050-319190
2051-343184
2052-368179
2053-393173
2054-418168
2055-443162
2056-468156
2057-494150
2058-521143
2059-548137
2060-575130
2061-602123
2062-630117
2063-659110
2064-687103
2065-71695
2066-74688
2067-77580
2068-80572
2069-83564
2070-86656
2071-89747
2072-92839
2073-96030
2074-99220
2075-102511
2076-10581
2077-1092-9
2078-1126-20
2079-1161-30
2080-1196-41
2081-1232-53
2082-1268-64
2083-1305-76
2084-1342-88
2085-1380-100
2086-1419-113
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