Proposed Provision: E2.15. Apply OASDI 12.4 percent payroll tax rate on earnings above $300,000 starting in 2021, 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 2020 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 |
| 2019 | 273 | 273 |
| 2020 | 260 | 260 |
| 2021 | 245 | 245 |
| 2022 | 229 | 238 |
| 2023 | 213 | 230 |
| 2024 | 197 | 222 |
| 2025 | 180 | 214 |
| 2026 | 163 | 205 |
| 2027 | 147 | 197 |
| 2028 | 130 | 189 |
| 2029 | 114 | 181 |
| 2030 | 97 | 173 |
| 2031 | 80 | 166 |
| 2032 | 63 | 159 |
| 2033 | 46 | 152 |
| 2034 | 28 | 146 |
| 2035 | 10 | 140 |
| 2036 | -9 | 133 |
| 2037 | -28 | 127 |
| 2038 | -47 | 122 |
| 2039 | -67 | 116 |
| 2040 | -87 | 110 |
| 2041 | -108 | 105 |
| 2042 | -129 | 100 |
| 2043 | -150 | 95 |
| 2044 | -171 | 91 |
| 2045 | -192 | 86 |
| 2046 | -213 | 81 |
| 2047 | -234 | 77 |
| 2048 | -255 | 73 |
| 2049 | -276 | 68 |
| 2050 | -297 | 64 |
| 2051 | -318 | 60 |
| 2052 | -338 | 55 |
| 2053 | -359 | 51 |
| 2054 | -380 | 46 |
| 2055 | -401 | 42 |
| 2056 | -422 | 37 |
| 2057 | -444 | 32 |
| 2058 | -465 | 27 |
| 2059 | -487 | 21 |
| 2060 | -509 | 16 |
| 2061 | -531 | 10 |
| 2062 | -554 | 3 |
| 2063 | -577 | -4 |
| 2064 | -601 | -11 |
| 2065 | -625 | -18 |
| 2066 | -649 | -26 |
| 2067 | -674 | -34 |
| 2068 | -699 | -42 |
| 2069 | -724 | -50 |
| 2070 | -749 | -59 |
| 2071 | -776 | -69 |
| 2072 | -802 | -78 |
| 2073 | -830 | -88 |
| 2074 | -857 | -99 |
| 2075 | -885 | -109 |
| 2076 | -914 | -120 |
| 2077 | -944 | -131 |
| 2078 | -975 | -143 |
| 2079 | -1007 | -154 |
| 2080 | -1039 | -166 |
| 2081 | -1072 | -178 |
| 2082 | -1106 | -190 |
| 2083 | -1139 | -202 |
| 2084 | -1173 | -214 |
| 2085 | -1207 | -226 |
| 2086 | -1242 | -238 |
| 2087 | -1275 | -250 |
| 2088 | -1309 | -261 |
| 2089 | -1342 | -273 |
| 2090 | -1375 | -285 |
| 2091 | -1407 | -297 |
| 2092 | -1439 | -308 |
| 2093 | -1471 | -320 |
| 2094 | -1503 | -333 |
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