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Estimate of the Financial Effects on Social Security of H.R. 1811, the 'Protecting and Preserving Social Security Act' (PDF)
U.S. Social Security Administration [SSA]Link to more items from this source
June 4, 2015

19 pages. "The Bill includes the following three provisions with direct effects on the OASDI program: [1] Use the Consumer Price Index for the Elderly (CPI-E) to calculate the cost-of-living adjustment (COLA), beginning with the December 2017 COLA.... [2] Eliminate the OASDI taxable maximum in years 2022 and later; thus the full 12.4 percent OASDI payroll tax rate would apply to all OASDI covered earnings.... [3] Provide benefit credit on earnings taxed above the current-law taxable maximum.... Assuming enactment, OASDI Trust Fund reserves would be expected to become depleted in 2051... For 2017, projected OASDI program cost is slightly lower under the proposal than under current law. Beginning in 2018, projected OASDI program cost is higher under the proposal than under current law."

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