Proposed Provision: E2.15. Apply OASDI 12.4 percent payroll tax rate on earnings above $300,000 starting in 2022, 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 2021 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 |
| 2020 | 261 | 261 |
| 2021 | 248 | 248 |
| 2022 | 233 | 233 |
| 2023 | 217 | 225 |
| 2024 | 200 | 217 |
| 2025 | 183 | 208 |
| 2026 | 165 | 198 |
| 2027 | 148 | 189 |
| 2028 | 130 | 179 |
| 2029 | 112 | 169 |
| 2030 | 94 | 160 |
| 2031 | 76 | 151 |
| 2032 | 58 | 142 |
| 2033 | 39 | 133 |
| 2034 | 20 | 125 |
| 2035 | 1 | 117 |
| 2036 | -19 | 109 |
| 2037 | -38 | 101 |
| 2038 | -59 | 94 |
| 2039 | -80 | 86 |
| 2040 | -101 | 79 |
| 2041 | -122 | 72 |
| 2042 | -144 | 65 |
| 2043 | -166 | 59 |
| 2044 | -188 | 52 |
| 2045 | -210 | 46 |
| 2046 | -232 | 39 |
| 2047 | -255 | 33 |
| 2048 | -277 | 26 |
| 2049 | -299 | 20 |
| 2050 | -322 | 13 |
| 2051 | -344 | 6 |
| 2052 | -367 | 0 |
| 2053 | -389 | -7 |
| 2054 | -412 | -14 |
| 2055 | -434 | -21 |
| 2056 | -457 | -29 |
| 2057 | -480 | -36 |
| 2058 | -504 | -44 |
| 2059 | -527 | -52 |
| 2060 | -551 | -61 |
| 2061 | -575 | -70 |
| 2062 | -599 | -79 |
| 2063 | -624 | -88 |
| 2064 | -650 | -98 |
| 2065 | -676 | -108 |
| 2066 | -702 | -119 |
| 2067 | -728 | -130 |
| 2068 | -755 | -141 |
| 2069 | -782 | -153 |
| 2070 | -809 | -165 |
| 2071 | -837 | -177 |
| 2072 | -866 | -190 |
| 2073 | -895 | -203 |
| 2074 | -925 | -216 |
| 2075 | -955 | -230 |
| 2076 | -986 | -244 |
| 2077 | -1018 | -259 |
| 2078 | -1051 | -274 |
| 2079 | -1084 | -289 |
| 2080 | -1119 | -305 |
| 2081 | -1154 | -320 |
| 2082 | -1190 | -336 |
| 2083 | -1226 | -352 |
| 2084 | -1263 | -368 |
| 2085 | -1300 | -384 |
| 2086 | -1337 | -400 |
| 2087 | -1374 | -416 |
| 2088 | -1411 | -432 |
| 2089 | -1448 | -448 |
| 2090 | -1484 | -463 |
| 2091 | -1520 | -479 |
| 2092 | -1554 | -494 |
| 2093 | -1589 | -509 |
| 2094 | -1623 | -524 |
| 2095 | -1657 | -539 |
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