Proposed Provision: E3.16. Beginning in 2023, apply 4 percent payroll tax rate on earnings above the wage-indexed equivalent of $400,000 in 2015 (about $526,200 in 2023), with the threshold wage-indexed after 2023. Provide benefit credit for additional earnings taxed, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from annual earnings taxed only between 2015 wage-indexed equivalents of $400,000 and $500,000, or about $526,200 and $657,900 in 2023 (with thresholds wage-indexed after 2023); and (2) a formula factor of 2 percent on this newly computed "AIME+".

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2021253253
2022231231
2023214214
2024196198
2025178182
2026159165
2027141149
2028122132
2029104115
20308598
20316680
20324663
20332745
2034727
2035-139
2036-33-9
2037-54-28
2038-76-48
2039-97-67
2040-119-87
2041-142-107
2042-165-128
2043-188-149
2044-211-170
2045-235-191
2046-258-212
2047-282-234
2048-306-255
2049-330-277
2050-354-299
2051-378-321
2052-403-343
2053-427-365
2054-452-387
2055-477-410
2056-502-432
2057-527-455
2058-552-478
2059-578-501
2060-604-525
2061-630-549
2062-657-573
2063-684-598
2064-712-623
2065-740-648
2066-768-674
2067-796-700
2068-825-727
2069-855-754
2070-884-781
2071-914-808
2072-945-836
2073-976-864
2074-1007-893
2075-1039-922
2076-1071-952
2077-1105-983
2078-1139-1015
2079-1175-1047
2080-1211-1081
2081-1248-1115
2082-1286-1149
2083-1324-1184
2084-1363-1220
2085-1403-1256
2086-1443-1292
2087-1483-1329
2088-1524-1366
2089-1564-1403
2090-1604-1439
2091-1643-1475
2092-1681-1509
2093-1718-1543
2094-1754-1576
2095-1789-1608
2096-1825-1640
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