Proposed Provision: E3.16. Beginning in 2022, apply 4 percent payroll tax rate on earnings above the wage-indexed equivalent of $400,000 in 2015 (about $495,900 in 2022), with the threshold wage-indexed after 2022. Provide benefit credit for additional earnings taxed, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from annual earnings taxed only between 2015 wage-indexed equivalents of $400,000 and $500,000, or about $495,900 and $619,800 in 2022 (with thresholds wage-indexed after 2022); 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 |
| 2020 | 261 | 261 |
| 2021 | 248 | 248 |
| 2022 | 233 | 233 |
| 2023 | 217 | 219 |
| 2024 | 200 | 204 |
| 2025 | 183 | 189 |
| 2026 | 165 | 173 |
| 2027 | 148 | 157 |
| 2028 | 130 | 141 |
| 2029 | 112 | 124 |
| 2030 | 94 | 108 |
| 2031 | 76 | 92 |
| 2032 | 58 | 75 |
| 2033 | 39 | 58 |
| 2034 | 20 | 41 |
| 2035 | 1 | 24 |
| 2036 | -19 | 6 |
| 2037 | -38 | -12 |
| 2038 | -59 | -30 |
| 2039 | -80 | -49 |
| 2040 | -101 | -68 |
| 2041 | -122 | -87 |
| 2042 | -144 | -107 |
| 2043 | -166 | -126 |
| 2044 | -188 | -146 |
| 2045 | -210 | -166 |
| 2046 | -232 | -186 |
| 2047 | -255 | -206 |
| 2048 | -277 | -226 |
| 2049 | -299 | -247 |
| 2050 | -322 | -267 |
| 2051 | -344 | -287 |
| 2052 | -367 | -307 |
| 2053 | -389 | -328 |
| 2054 | -412 | -348 |
| 2055 | -434 | -369 |
| 2056 | -457 | -389 |
| 2057 | -480 | -410 |
| 2058 | -504 | -431 |
| 2059 | -527 | -453 |
| 2060 | -551 | -474 |
| 2061 | -575 | -496 |
| 2062 | -599 | -518 |
| 2063 | -624 | -541 |
| 2064 | -650 | -564 |
| 2065 | -676 | -588 |
| 2066 | -702 | -612 |
| 2067 | -728 | -636 |
| 2068 | -755 | -661 |
| 2069 | -782 | -685 |
| 2070 | -809 | -711 |
| 2071 | -837 | -736 |
| 2072 | -866 | -763 |
| 2073 | -895 | -790 |
| 2074 | -925 | -817 |
| 2075 | -955 | -845 |
| 2076 | -986 | -873 |
| 2077 | -1018 | -903 |
| 2078 | -1051 | -933 |
| 2079 | -1084 | -964 |
| 2080 | -1119 | -995 |
| 2081 | -1154 | -1028 |
| 2082 | -1190 | -1061 |
| 2083 | -1226 | -1094 |
| 2084 | -1263 | -1127 |
| 2085 | -1300 | -1161 |
| 2086 | -1337 | -1196 |
| 2087 | -1374 | -1230 |
| 2088 | -1411 | -1264 |
| 2089 | -1448 | -1297 |
| 2090 | -1484 | -1330 |
| 2091 | -1520 | -1363 |
| 2092 | -1554 | -1395 |
| 2093 | -1589 | -1426 |
| 2094 | -1623 | -1458 |
| 2095 | -1657 | -1489 |
back