Proposed Provision: E2.13. Apply OASDI 12.4 percent payroll tax rate on earnings above $400,000 starting in 2021, and tax all earnings once the current-law taxable maximum exceeds $400,000. 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 2020 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 |
| 2019 | 273 | 273 |
| 2020 | 260 | 260 |
| 2021 | 245 | 245 |
| 2022 | 229 | 236 |
| 2023 | 213 | 227 |
| 2024 | 197 | 217 |
| 2025 | 180 | 207 |
| 2026 | 163 | 197 |
| 2027 | 147 | 187 |
| 2028 | 130 | 177 |
| 2029 | 114 | 168 |
| 2030 | 97 | 158 |
| 2031 | 80 | 149 |
| 2032 | 63 | 140 |
| 2033 | 46 | 131 |
| 2034 | 28 | 122 |
| 2035 | 10 | 114 |
| 2036 | -9 | 105 |
| 2037 | -28 | 96 |
| 2038 | -47 | 87 |
| 2039 | -67 | 79 |
| 2040 | -87 | 70 |
| 2041 | -108 | 62 |
| 2042 | -129 | 54 |
| 2043 | -150 | 46 |
| 2044 | -171 | 39 |
| 2045 | -192 | 32 |
| 2046 | -213 | 26 |
| 2047 | -234 | 21 |
| 2048 | -255 | 16 |
| 2049 | -276 | 11 |
| 2050 | -297 | 6 |
| 2051 | -318 | 2 |
| 2052 | -338 | -3 |
| 2053 | -359 | -7 |
| 2054 | -380 | -12 |
| 2055 | -401 | -17 |
| 2056 | -422 | -22 |
| 2057 | -444 | -27 |
| 2058 | -465 | -32 |
| 2059 | -487 | -38 |
| 2060 | -509 | -43 |
| 2061 | -531 | -50 |
| 2062 | -554 | -56 |
| 2063 | -577 | -63 |
| 2064 | -601 | -70 |
| 2065 | -625 | -77 |
| 2066 | -649 | -85 |
| 2067 | -674 | -93 |
| 2068 | -699 | -101 |
| 2069 | -724 | -110 |
| 2070 | -749 | -119 |
| 2071 | -776 | -128 |
| 2072 | -802 | -138 |
| 2073 | -830 | -148 |
| 2074 | -857 | -159 |
| 2075 | -885 | -169 |
| 2076 | -914 | -180 |
| 2077 | -944 | -192 |
| 2078 | -975 | -203 |
| 2079 | -1007 | -215 |
| 2080 | -1039 | -227 |
| 2081 | -1072 | -239 |
| 2082 | -1106 | -251 |
| 2083 | -1139 | -263 |
| 2084 | -1173 | -276 |
| 2085 | -1207 | -288 |
| 2086 | -1242 | -300 |
| 2087 | -1275 | -312 |
| 2088 | -1309 | -324 |
| 2089 | -1342 | -336 |
| 2090 | -1375 | -348 |
| 2091 | -1407 | -360 |
| 2092 | -1439 | -372 |
| 2093 | -1471 | -384 |
| 2094 | -1503 | -396 |
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