Proposed Provision: E3.16. Beginning in 2024, apply 4 percent payroll tax rate on earnings above the wage-indexed equivalent of $400,000 in 2015 (about $557,700 in 2024), with the threshold wage-indexed after 2024. 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 $557,700 and $697,200 in 2024 (with thresholds wage-indexed after 2024); 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 |
| 2022 | 230 | 230 |
| 2023 | 211 | 211 |
| 2024 | 194 | 194 |
| 2025 | 177 | 180 |
| 2026 | 160 | 165 |
| 2027 | 143 | 150 |
| 2028 | 126 | 135 |
| 2029 | 109 | 120 |
| 2030 | 91 | 104 |
| 2031 | 74 | 89 |
| 2032 | 57 | 73 |
| 2033 | 39 | 58 |
| 2034 | 21 | 42 |
| 2035 | 3 | 25 |
| 2036 | -16 | 9 |
| 2037 | -35 | -8 |
| 2038 | -54 | -26 |
| 2039 | -74 | -44 |
| 2040 | -95 | -62 |
| 2041 | -116 | -80 |
| 2042 | -137 | -99 |
| 2043 | -158 | -118 |
| 2044 | -180 | -138 |
| 2045 | -202 | -157 |
| 2046 | -224 | -177 |
| 2047 | -246 | -197 |
| 2048 | -268 | -217 |
| 2049 | -291 | -237 |
| 2050 | -313 | -257 |
| 2051 | -336 | -278 |
| 2052 | -359 | -299 |
| 2053 | -383 | -320 |
| 2054 | -406 | -341 |
| 2055 | -430 | -362 |
| 2056 | -453 | -383 |
| 2057 | -477 | -405 |
| 2058 | -501 | -427 |
| 2059 | -525 | -449 |
| 2060 | -550 | -471 |
| 2061 | -575 | -494 |
| 2062 | -601 | -518 |
| 2063 | -627 | -541 |
| 2064 | -654 | -566 |
| 2065 | -681 | -590 |
| 2066 | -708 | -615 |
| 2067 | -736 | -641 |
| 2068 | -764 | -667 |
| 2069 | -792 | -693 |
| 2070 | -821 | -719 |
| 2071 | -850 | -746 |
| 2072 | -880 | -773 |
| 2073 | -910 | -801 |
| 2074 | -940 | -829 |
| 2075 | -971 | -857 |
| 2076 | -1003 | -886 |
| 2077 | -1036 | -916 |
| 2078 | -1069 | -947 |
| 2079 | -1104 | -979 |
| 2080 | -1139 | -1012 |
| 2081 | -1175 | -1045 |
| 2082 | -1212 | -1078 |
| 2083 | -1249 | -1112 |
| 2084 | -1286 | -1147 |
| 2085 | -1324 | -1182 |
| 2086 | -1363 | -1217 |
| 2087 | -1402 | -1253 |
| 2088 | -1442 | -1289 |
| 2089 | -1481 | -1325 |
| 2090 | -1520 | -1360 |
| 2091 | -1558 | -1395 |
| 2092 | -1595 | -1429 |
| 2093 | -1632 | -1463 |
| 2094 | -1668 | -1495 |
| 2095 | -1703 | -1528 |
| 2096 | -1738 | -1560 |
| 2097 | -1773 | -1591 |
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