Proposed Provision: E2.14. Apply OASDI 12.4 percent payroll tax rate on earnings above $250,000 starting in 2021, 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 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
2019273273
2020260260
2021245245
2022229239
2023213233
2024197226
2025180219
2026163212
2027147205
2028130198
2029114192
203097185
203180180
203263174
203346170
203428165
203510161
2036-9157
2037-28153
2038-47149
2039-67144
2040-87139
2041-108135
2042-129130
2043-150125
2044-171121
2045-192117
2046-213113
2047-234109
2048-255105
2049-276101
2050-29797
2051-31893
2052-33889
2053-35985
2054-38081
2055-40177
2056-42272
2057-44468
2058-46563
2059-48758
2060-50953
2061-53147
2062-55441
2063-57735
2064-60128
2065-62521
2066-64914
2067-6747
2068-699-1
2069-724-9
2070-749-18
2071-776-26
2072-802-36
2073-830-45
2074-857-55
2075-885-65
2076-914-75
2077-944-86
2078-975-96
2079-1007-107
2080-1039-118
2081-1072-129
2082-1106-140
2083-1139-152
2084-1173-163
2085-1207-174
2086-1242-185
2087-1275-196
2088-1309-207
2089-1342-218
2090-1375-229
2091-1407-240
2092-1439-251
2093-1471-262
2094-1503-274
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