Proposed Provision: E2.15. Apply OASDI 12.4 percent payroll tax rate on earnings above $300,000 starting in 2025, 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 2024 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 |
| 2023 | 204 | 204 |
| 2024 | 187 | 187 |
| 2025 | 168 | 168 |
| 2026 | 149 | 158 |
| 2027 | 131 | 150 |
| 2028 | 114 | 142 |
| 2029 | 96 | 135 |
| 2030 | 78 | 127 |
| 2031 | 60 | 120 |
| 2032 | 43 | 113 |
| 2033 | 25 | 106 |
| 2034 | 7 | 99 |
| 2035 | -12 | 94 |
| 2036 | -31 | 88 |
| 2037 | -51 | 83 |
| 2038 | -70 | 77 |
| 2039 | -91 | 72 |
| 2040 | -112 | 67 |
| 2041 | -133 | 62 |
| 2042 | -154 | 56 |
| 2043 | -176 | 51 |
| 2044 | -198 | 46 |
| 2045 | -220 | 40 |
| 2046 | -243 | 35 |
| 2047 | -265 | 29 |
| 2048 | -288 | 23 |
| 2049 | -311 | 17 |
| 2050 | -333 | 11 |
| 2051 | -357 | 4 |
| 2052 | -380 | -2 |
| 2053 | -403 | -9 |
| 2054 | -427 | -17 |
| 2055 | -450 | -24 |
| 2056 | -474 | -32 |
| 2057 | -498 | -40 |
| 2058 | -522 | -49 |
| 2059 | -547 | -58 |
| 2060 | -572 | -67 |
| 2061 | -597 | -77 |
| 2062 | -623 | -87 |
| 2063 | -650 | -98 |
| 2064 | -677 | -109 |
| 2065 | -705 | -121 |
| 2066 | -733 | -132 |
| 2067 | -762 | -144 |
| 2068 | -791 | -157 |
| 2069 | -820 | -170 |
| 2070 | -850 | -183 |
| 2071 | -880 | -196 |
| 2072 | -911 | -210 |
| 2073 | -942 | -224 |
| 2074 | -974 | -239 |
| 2075 | -1006 | -254 |
| 2076 | -1039 | -269 |
| 2077 | -1074 | -285 |
| 2078 | -1108 | -301 |
| 2079 | -1144 | -317 |
| 2080 | -1181 | -333 |
| 2081 | -1218 | -350 |
| 2082 | -1256 | -367 |
| 2083 | -1294 | -384 |
| 2084 | -1333 | -401 |
| 2085 | -1373 | -418 |
| 2086 | -1413 | -435 |
| 2087 | -1453 | -452 |
| 2088 | -1494 | -468 |
| 2089 | -1534 | -485 |
| 2090 | -1574 | -501 |
| 2091 | -1613 | -517 |
| 2092 | -1651 | -533 |
| 2093 | -1689 | -548 |
| 2094 | -1726 | -563 |
| 2095 | -1762 | -577 |
| 2096 | -1798 | -592 |
| 2097 | -1833 | -606 |
| 2098 | -1868 | -620 |
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