Proposed Provision: E2.14. Apply OASDI 12.4 percent payroll tax rate on earnings above $250,000 starting in 2024, and tax all earnings once the current-law taxable maximum exceeds $250,000. 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 2023 that were in excess of that year's current-law taxable maximum; 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 | 190 |
| 2026 | 160 | 185 |
| 2027 | 143 | 180 |
| 2028 | 126 | 175 |
| 2029 | 109 | 170 |
| 2030 | 91 | 165 |
| 2031 | 74 | 160 |
| 2032 | 57 | 155 |
| 2033 | 39 | 150 |
| 2034 | 21 | 146 |
| 2035 | 3 | 143 |
| 2036 | -16 | 140 |
| 2037 | -35 | 136 |
| 2038 | -54 | 133 |
| 2039 | -74 | 129 |
| 2040 | -95 | 125 |
| 2041 | -116 | 121 |
| 2042 | -137 | 116 |
| 2043 | -158 | 112 |
| 2044 | -180 | 108 |
| 2045 | -202 | 103 |
| 2046 | -224 | 98 |
| 2047 | -246 | 93 |
| 2048 | -268 | 88 |
| 2049 | -291 | 83 |
| 2050 | -313 | 77 |
| 2051 | -336 | 72 |
| 2052 | -359 | 66 |
| 2053 | -383 | 60 |
| 2054 | -406 | 53 |
| 2055 | -430 | 47 |
| 2056 | -453 | 40 |
| 2057 | -477 | 32 |
| 2058 | -501 | 25 |
| 2059 | -525 | 17 |
| 2060 | -550 | 8 |
| 2061 | -575 | 0 |
| 2062 | -601 | -9 |
| 2063 | -627 | -19 |
| 2064 | -654 | -28 |
| 2065 | -681 | -38 |
| 2066 | -708 | -48 |
| 2067 | -736 | -59 |
| 2068 | -764 | -70 |
| 2069 | -792 | -81 |
| 2070 | -821 | -92 |
| 2071 | -850 | -104 |
| 2072 | -880 | -116 |
| 2073 | -910 | -129 |
| 2074 | -940 | -142 |
| 2075 | -971 | -155 |
| 2076 | -1003 | -168 |
| 2077 | -1036 | -182 |
| 2078 | -1069 | -196 |
| 2079 | -1104 | -210 |
| 2080 | -1139 | -225 |
| 2081 | -1175 | -239 |
| 2082 | -1212 | -254 |
| 2083 | -1249 | -269 |
| 2084 | -1286 | -284 |
| 2085 | -1324 | -299 |
| 2086 | -1363 | -314 |
| 2087 | -1402 | -328 |
| 2088 | -1442 | -343 |
| 2089 | -1481 | -358 |
| 2090 | -1520 | -372 |
| 2091 | -1558 | -386 |
| 2092 | -1595 | -399 |
| 2093 | -1632 | -413 |
| 2094 | -1668 | -426 |
| 2095 | -1703 | -438 |
| 2096 | -1738 | -451 |
| 2097 | -1773 | -464 |
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