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 2021-2026). 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 |
2019 | 273 | 273 |
2020 | 260 | 260 |
2021 | 245 | 245 |
2022 | 229 | 231 |
2023 | 213 | 218 |
2024 | 197 | 205 |
2025 | 180 | 193 |
2026 | 163 | 182 |
2027 | 147 | 172 |
2028 | 130 | 161 |
2029 | 114 | 150 |
2030 | 97 | 139 |
2031 | 80 | 129 |
2032 | 63 | 117 |
2033 | 46 | 106 |
2034 | 28 | 95 |
2035 | 10 | 83 |
2036 | -9 | 71 |
2037 | -28 | 59 |
2038 | -47 | 46 |
2039 | -67 | 33 |
2040 | -87 | 20 |
2041 | -108 | 6 |
2042 | -129 | -7 |
2043 | -150 | -21 |
2044 | -171 | -34 |
2045 | -192 | -48 |
2046 | -213 | -61 |
2047 | -234 | -75 |
2048 | -255 | -88 |
2049 | -276 | -101 |
2050 | -297 | -115 |
2051 | -318 | -128 |
2052 | -338 | -141 |
2053 | -359 | -155 |
2054 | -380 | -168 |
2055 | -401 | -182 |
2056 | -422 | -195 |
2057 | -444 | -209 |
2058 | -465 | -223 |
2059 | -487 | -237 |
2060 | -509 | -252 |
2061 | -531 | -267 |
2062 | -554 | -282 |
2063 | -577 | -298 |
2064 | -601 | -314 |
2065 | -625 | -330 |
2066 | -649 | -347 |
2067 | -674 | -364 |
2068 | -699 | -381 |
2069 | -724 | -399 |
2070 | -749 | -417 |
2071 | -776 | -435 |
2072 | -802 | -454 |
2073 | -830 | -474 |
2074 | -857 | -493 |
2075 | -885 | -513 |
2076 | -914 | -534 |
2077 | -944 | -555 |
2078 | -975 | -577 |
2079 | -1007 | -600 |
2080 | -1039 | -623 |
2081 | -1072 | -646 |
2082 | -1106 | -669 |
2083 | -1139 | -693 |
2084 | -1173 | -717 |
2085 | -1207 | -741 |
2086 | -1242 | -765 |
2087 | -1275 | -788 |
2088 | -1309 | -812 |
2089 | -1342 | -835 |
2090 | -1375 | -858 |
2091 | -1407 | -881 |
2092 | -1439 | -904 |
2093 | -1471 | -926 |
2094 | -1503 | -949 |
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