Proposed Provision: E2.13. Apply OASDI 12.4 percent payroll tax rate on earnings above $400,000 starting in 2024, and tax all earnings once the current-law taxable maximum exceeds $400,000. 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 2023 that were in excess of that year's current-law taxable maximum; and (2) a formula factor of 2 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 | 186 |
| 2026 | 160 | 178 |
| 2027 | 143 | 170 |
| 2028 | 126 | 161 |
| 2029 | 109 | 153 |
| 2030 | 91 | 144 |
| 2031 | 74 | 135 |
| 2032 | 57 | 127 |
| 2033 | 39 | 118 |
| 2034 | 21 | 109 |
| 2035 | 3 | 101 |
| 2036 | -16 | 93 |
| 2037 | -35 | 85 |
| 2038 | -54 | 77 |
| 2039 | -74 | 69 |
| 2040 | -95 | 61 |
| 2041 | -116 | 53 |
| 2042 | -137 | 46 |
| 2043 | -158 | 38 |
| 2044 | -180 | 31 |
| 2045 | -202 | 24 |
| 2046 | -224 | 17 |
| 2047 | -246 | 11 |
| 2048 | -268 | 5 |
| 2049 | -291 | -1 |
| 2050 | -313 | -7 |
| 2051 | -336 | -14 |
| 2052 | -359 | -20 |
| 2053 | -383 | -27 |
| 2054 | -406 | -34 |
| 2055 | -430 | -41 |
| 2056 | -453 | -48 |
| 2057 | -477 | -56 |
| 2058 | -501 | -64 |
| 2059 | -525 | -72 |
| 2060 | -550 | -81 |
| 2061 | -575 | -90 |
| 2062 | -601 | -99 |
| 2063 | -627 | -109 |
| 2064 | -654 | -119 |
| 2065 | -681 | -129 |
| 2066 | -708 | -140 |
| 2067 | -736 | -151 |
| 2068 | -764 | -162 |
| 2069 | -792 | -174 |
| 2070 | -821 | -185 |
| 2071 | -850 | -198 |
| 2072 | -880 | -210 |
| 2073 | -910 | -223 |
| 2074 | -940 | -236 |
| 2075 | -971 | -250 |
| 2076 | -1003 | -264 |
| 2077 | -1036 | -278 |
| 2078 | -1069 | -293 |
| 2079 | -1104 | -308 |
| 2080 | -1139 | -323 |
| 2081 | -1175 | -339 |
| 2082 | -1212 | -354 |
| 2083 | -1249 | -370 |
| 2084 | -1286 | -386 |
| 2085 | -1324 | -401 |
| 2086 | -1363 | -417 |
| 2087 | -1402 | -433 |
| 2088 | -1442 | -449 |
| 2089 | -1481 | -464 |
| 2090 | -1520 | -480 |
| 2091 | -1558 | -495 |
| 2092 | -1595 | -509 |
| 2093 | -1632 | -523 |
| 2094 | -1668 | -537 |
| 2095 | -1703 | -550 |
| 2096 | -1738 | -564 |
| 2097 | -1773 | -577 |
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