Proposed Provision: E2.13. Apply OASDI 12.4 percent payroll tax rate on earnings above $400,000 starting in 2023, 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 2022 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
2021253253
2022231231
2023214214
2024196203
2025178193
2026159181
2027141170
2028122159
2029104147
203085135
203166123
203246111
20332799
2034788
2035-1377
2036-3366
2037-5455
2038-7644
2039-9733
2040-11923
2041-14212
2042-1652
2043-188-8
2044-211-18
2045-235-28
2046-258-38
2047-282-47
2048-306-55
2049-330-64
2050-354-72
2051-378-80
2052-403-88
2053-427-97
2054-452-105
2055-477-114
2056-502-122
2057-527-131
2058-552-141
2059-578-150
2060-604-159
2061-630-169
2062-657-180
2063-684-190
2064-712-201
2065-740-212
2066-768-224
2067-796-235
2068-825-247
2069-855-259
2070-884-272
2071-914-285
2072-945-298
2073-976-311
2074-1007-325
2075-1039-339
2076-1071-354
2077-1105-369
2078-1139-384
2079-1175-400
2080-1211-416
2081-1248-432
2082-1286-449
2083-1324-465
2084-1363-482
2085-1403-499
2086-1443-516
2087-1483-532
2088-1524-549
2089-1564-565
2090-1604-581
2091-1643-597
2092-1681-612
2093-1718-626
2094-1754-640
2095-1789-654
2096-1825-668
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