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
2019273273
2020260260
2021245245
2022229231
2023213218
2024197205
2025180193
2026163182
2027147172
2028130161
2029114150
203097139
203180129
203263117
203346106
20342895
20351083
2036-971
2037-2859
2038-4746
2039-6733
2040-8720
2041-1086
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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