Proposed Provision: E3.16. Beginning in 2023, apply 4 percent payroll tax rate on earnings above the wage-indexed equivalent of $400,000 in 2015 (about $526,200 in 2023), with the threshold wage-indexed after 2023. 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 $526,200 and $657,900 in 2023 (with thresholds wage-indexed after 2023); 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 |
| 2021 | 253 | 253 |
| 2022 | 231 | 231 |
| 2023 | 214 | 214 |
| 2024 | 196 | 198 |
| 2025 | 178 | 182 |
| 2026 | 159 | 165 |
| 2027 | 141 | 149 |
| 2028 | 122 | 132 |
| 2029 | 104 | 115 |
| 2030 | 85 | 98 |
| 2031 | 66 | 80 |
| 2032 | 46 | 63 |
| 2033 | 27 | 45 |
| 2034 | 7 | 27 |
| 2035 | -13 | 9 |
| 2036 | -33 | -9 |
| 2037 | -54 | -28 |
| 2038 | -76 | -48 |
| 2039 | -97 | -67 |
| 2040 | -119 | -87 |
| 2041 | -142 | -107 |
| 2042 | -165 | -128 |
| 2043 | -188 | -149 |
| 2044 | -211 | -170 |
| 2045 | -235 | -191 |
| 2046 | -258 | -212 |
| 2047 | -282 | -234 |
| 2048 | -306 | -255 |
| 2049 | -330 | -277 |
| 2050 | -354 | -299 |
| 2051 | -378 | -321 |
| 2052 | -403 | -343 |
| 2053 | -427 | -365 |
| 2054 | -452 | -387 |
| 2055 | -477 | -410 |
| 2056 | -502 | -432 |
| 2057 | -527 | -455 |
| 2058 | -552 | -478 |
| 2059 | -578 | -501 |
| 2060 | -604 | -525 |
| 2061 | -630 | -549 |
| 2062 | -657 | -573 |
| 2063 | -684 | -598 |
| 2064 | -712 | -623 |
| 2065 | -740 | -648 |
| 2066 | -768 | -674 |
| 2067 | -796 | -700 |
| 2068 | -825 | -727 |
| 2069 | -855 | -754 |
| 2070 | -884 | -781 |
| 2071 | -914 | -808 |
| 2072 | -945 | -836 |
| 2073 | -976 | -864 |
| 2074 | -1007 | -893 |
| 2075 | -1039 | -922 |
| 2076 | -1071 | -952 |
| 2077 | -1105 | -983 |
| 2078 | -1139 | -1015 |
| 2079 | -1175 | -1047 |
| 2080 | -1211 | -1081 |
| 2081 | -1248 | -1115 |
| 2082 | -1286 | -1149 |
| 2083 | -1324 | -1184 |
| 2084 | -1363 | -1220 |
| 2085 | -1403 | -1256 |
| 2086 | -1443 | -1292 |
| 2087 | -1483 | -1329 |
| 2088 | -1524 | -1366 |
| 2089 | -1564 | -1403 |
| 2090 | -1604 | -1439 |
| 2091 | -1643 | -1475 |
| 2092 | -1681 | -1509 |
| 2093 | -1718 | -1543 |
| 2094 | -1754 | -1576 |
| 2095 | -1789 | -1608 |
| 2096 | -1825 | -1640 |
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