Proposed Provision: E2.15. Apply OASDI 12.4 percent payroll tax rate on earnings above $300,000 starting in 2021, 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 2020 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
2019273273
2020260260
2021245245
2022229238
2023213230
2024197222
2025180214
2026163205
2027147197
2028130189
2029114181
203097173
203180166
203263159
203346152
203428146
203510140
2036-9133
2037-28127
2038-47122
2039-67116
2040-87110
2041-108105
2042-129100
2043-15095
2044-17191
2045-19286
2046-21381
2047-23477
2048-25573
2049-27668
2050-29764
2051-31860
2052-33855
2053-35951
2054-38046
2055-40142
2056-42237
2057-44432
2058-46527
2059-48721
2060-50916
2061-53110
2062-5543
2063-577-4
2064-601-11
2065-625-18
2066-649-26
2067-674-34
2068-699-42
2069-724-50
2070-749-59
2071-776-69
2072-802-78
2073-830-88
2074-857-99
2075-885-109
2076-914-120
2077-944-131
2078-975-143
2079-1007-154
2080-1039-166
2081-1072-178
2082-1106-190
2083-1139-202
2084-1173-214
2085-1207-226
2086-1242-238
2087-1275-250
2088-1309-261
2089-1342-273
2090-1375-285
2091-1407-297
2092-1439-308
2093-1471-320
2094-1503-333
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