Proposed Provision: Eliminate the taxable maximum in years 2023 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2014, 2.48 percent in 2015, and so on, up to 11.16 percent in 2022. Provide benefit credit for earnings above the current-law taxable maximum, 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
2012340340
2013329329
2014315315
2015302304
2016290295
2017277287
2018265282
2019253278
2020240274
2021227271
2022212268
2023197265
2024181263
2025164259
2026147255
2027129251
2028110245
202990239
203070232
203149224
203227216
20335208
2034-18200
2035-41191
2036-65182
2037-89174
2038-114165
2039-138156
2040-163147
2041-189139
2042-215130
2043-240122
2044-266113
2045-292104
2046-31996
2047-34687
2048-37379
2049-40070
2050-42861
2051-45653
2052-48444
2053-51235
2054-54026
2055-56916
2056-5987
2057-628-3
2058-657-13
2059-688-23
2060-719-33
2061-750-44
2062-782-54
2063-814-65
2064-847-76
2065-880-87
2066-913-99
2067-946-110
2068-980-122
2069-1014-134
2070-1049-146
2071-1084-158
2072-1120-171
2073-1156-184
2074-1193-197
2075-1230-211
2076-1268-225
2077-1307-239
2078-1346-254
2079-1385-268
2080-1425-283
2081-1465-298
2082-1505-314
2083-1547-330
2084-1588-346
2085-1631-362
2086-1673-379
2087-1717-396
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