Proposed Provision: E3.19. Increase the taxable maximum such that 90 percent of earnings would be subject to the payroll tax (phased in linearly from 2023-2028). Provide benefit credit for additional earnings taxed, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from additional annual earnings taxed over the current-law taxable maximum; and (2) a formula factor of 2.5 percent on this newly computed "AIME+".
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Current Law |
Provision |
2021 | 253 | 253 |
2022 | 231 | 231 |
2023 | 214 | 214 |
2024 | 196 | 197 |
2025 | 178 | 182 |
2026 | 159 | 168 |
2027 | 141 | 154 |
2028 | 122 | 141 |
2029 | 104 | 128 |
2030 | 85 | 115 |
2031 | 66 | 101 |
2032 | 46 | 88 |
2033 | 27 | 74 |
2034 | 7 | 60 |
2035 | -13 | 46 |
2036 | -33 | 32 |
2037 | -54 | 17 |
2038 | -76 | 3 |
2039 | -97 | -12 |
2040 | -119 | -28 |
2041 | -142 | -43 |
2042 | -165 | -59 |
2043 | -188 | -75 |
2044 | -211 | -91 |
2045 | -235 | -107 |
2046 | -258 | -124 |
2047 | -282 | -140 |
2048 | -306 | -157 |
2049 | -330 | -173 |
2050 | -354 | -190 |
2051 | -378 | -207 |
2052 | -403 | -224 |
2053 | -427 | -242 |
2054 | -452 | -259 |
2055 | -477 | -277 |
2056 | -502 | -294 |
2057 | -527 | -312 |
2058 | -552 | -330 |
2059 | -578 | -349 |
2060 | -604 | -367 |
2061 | -630 | -386 |
2062 | -657 | -406 |
2063 | -684 | -426 |
2064 | -712 | -446 |
2065 | -740 | -466 |
2066 | -768 | -487 |
2067 | -796 | -508 |
2068 | -825 | -530 |
2069 | -855 | -551 |
2070 | -884 | -573 |
2071 | -914 | -596 |
2072 | -945 | -619 |
2073 | -976 | -642 |
2074 | -1007 | -665 |
2075 | -1039 | -689 |
2076 | -1071 | -714 |
2077 | -1105 | -739 |
2078 | -1139 | -765 |
2079 | -1175 | -792 |
2080 | -1211 | -819 |
2081 | -1248 | -847 |
2082 | -1286 | -875 |
2083 | -1324 | -904 |
2084 | -1363 | -933 |
2085 | -1403 | -962 |
2086 | -1443 | -992 |
2087 | -1483 | -1022 |
2088 | -1524 | -1052 |
2089 | -1564 | -1081 |
2090 | -1604 | -1110 |
2091 | -1643 | -1139 |
2092 | -1681 | -1167 |
2093 | -1718 | -1193 |
2094 | -1754 | -1220 |
2095 | -1789 | -1246 |
2096 | -1825 | -1272 |
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