Proposed Provision: E2.15. Apply OASDI 12.4 percent payroll tax rate on earnings above $300,000 starting in 2023, 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 2022 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 |
| 2021 | 253 | 253 |
| 2022 | 231 | 231 |
| 2023 | 214 | 214 |
| 2024 | 196 | 205 |
| 2025 | 178 | 196 |
| 2026 | 159 | 187 |
| 2027 | 141 | 177 |
| 2028 | 122 | 167 |
| 2029 | 104 | 157 |
| 2030 | 85 | 146 |
| 2031 | 66 | 136 |
| 2032 | 46 | 126 |
| 2033 | 27 | 117 |
| 2034 | 7 | 107 |
| 2035 | -13 | 98 |
| 2036 | -33 | 90 |
| 2037 | -54 | 82 |
| 2038 | -76 | 74 |
| 2039 | -97 | 66 |
| 2040 | -119 | 58 |
| 2041 | -142 | 51 |
| 2042 | -165 | 44 |
| 2043 | -188 | 37 |
| 2044 | -211 | 30 |
| 2045 | -235 | 23 |
| 2046 | -258 | 16 |
| 2047 | -282 | 8 |
| 2048 | -306 | 1 |
| 2049 | -330 | -6 |
| 2050 | -354 | -14 |
| 2051 | -378 | -22 |
| 2052 | -403 | -29 |
| 2053 | -427 | -37 |
| 2054 | -452 | -45 |
| 2055 | -477 | -54 |
| 2056 | -502 | -62 |
| 2057 | -527 | -71 |
| 2058 | -552 | -80 |
| 2059 | -578 | -89 |
| 2060 | -604 | -98 |
| 2061 | -630 | -108 |
| 2062 | -657 | -118 |
| 2063 | -684 | -128 |
| 2064 | -712 | -139 |
| 2065 | -740 | -150 |
| 2066 | -768 | -161 |
| 2067 | -796 | -173 |
| 2068 | -825 | -185 |
| 2069 | -855 | -197 |
| 2070 | -884 | -209 |
| 2071 | -914 | -222 |
| 2072 | -945 | -235 |
| 2073 | -976 | -249 |
| 2074 | -1007 | -262 |
| 2075 | -1039 | -276 |
| 2076 | -1071 | -291 |
| 2077 | -1105 | -306 |
| 2078 | -1139 | -321 |
| 2079 | -1175 | -337 |
| 2080 | -1211 | -352 |
| 2081 | -1248 | -369 |
| 2082 | -1286 | -385 |
| 2083 | -1324 | -401 |
| 2084 | -1363 | -418 |
| 2085 | -1403 | -434 |
| 2086 | -1443 | -450 |
| 2087 | -1483 | -467 |
| 2088 | -1524 | -483 |
| 2089 | -1564 | -499 |
| 2090 | -1604 | -515 |
| 2091 | -1643 | -530 |
| 2092 | -1681 | -545 |
| 2093 | -1718 | -559 |
| 2094 | -1754 | -573 |
| 2095 | -1789 | -587 |
| 2096 | -1825 | -601 |
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