Proposed Provision: E2.15. Apply OASDI 12.4 percent payroll tax rate on earnings above $300,000 starting in 2024, and tax all earnings once the current-law taxable maximum exceeds $300,000. 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 3 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 | 188 |
| 2026 | 160 | 182 |
| 2027 | 143 | 176 |
| 2028 | 126 | 169 |
| 2029 | 109 | 163 |
| 2030 | 91 | 156 |
| 2031 | 74 | 149 |
| 2032 | 57 | 142 |
| 2033 | 39 | 136 |
| 2034 | 21 | 130 |
| 2035 | 3 | 124 |
| 2036 | -16 | 119 |
| 2037 | -35 | 114 |
| 2038 | -54 | 109 |
| 2039 | -74 | 104 |
| 2040 | -95 | 99 |
| 2041 | -116 | 94 |
| 2042 | -137 | 90 |
| 2043 | -158 | 85 |
| 2044 | -180 | 80 |
| 2045 | -202 | 76 |
| 2046 | -224 | 70 |
| 2047 | -246 | 65 |
| 2048 | -268 | 60 |
| 2049 | -291 | 54 |
| 2050 | -313 | 48 |
| 2051 | -336 | 42 |
| 2052 | -359 | 36 |
| 2053 | -383 | 30 |
| 2054 | -406 | 23 |
| 2055 | -430 | 16 |
| 2056 | -453 | 9 |
| 2057 | -477 | 1 |
| 2058 | -501 | -7 |
| 2059 | -525 | -15 |
| 2060 | -550 | -24 |
| 2061 | -575 | -33 |
| 2062 | -601 | -42 |
| 2063 | -627 | -52 |
| 2064 | -654 | -62 |
| 2065 | -681 | -72 |
| 2066 | -708 | -83 |
| 2067 | -736 | -94 |
| 2068 | -764 | -105 |
| 2069 | -792 | -117 |
| 2070 | -821 | -129 |
| 2071 | -850 | -141 |
| 2072 | -880 | -154 |
| 2073 | -910 | -166 |
| 2074 | -940 | -180 |
| 2075 | -971 | -193 |
| 2076 | -1003 | -207 |
| 2077 | -1036 | -221 |
| 2078 | -1069 | -236 |
| 2079 | -1104 | -251 |
| 2080 | -1139 | -266 |
| 2081 | -1175 | -281 |
| 2082 | -1212 | -297 |
| 2083 | -1249 | -312 |
| 2084 | -1286 | -328 |
| 2085 | -1324 | -344 |
| 2086 | -1363 | -359 |
| 2087 | -1402 | -375 |
| 2088 | -1442 | -390 |
| 2089 | -1481 | -406 |
| 2090 | -1520 | -421 |
| 2091 | -1558 | -435 |
| 2092 | -1595 | -449 |
| 2093 | -1632 | -463 |
| 2094 | -1668 | -477 |
| 2095 | -1703 | -491 |
| 2096 | -1738 | -504 |
| 2097 | -1773 | -517 |
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