Proposed Provision: E2.14. Apply OASDI 12.4 percent payroll tax rate on earnings above $250,000 starting in 2023, and tax all earnings once the current-law taxable maximum exceeds $250,000. 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
2024196206
2025178199
2026159191
2027141182
2028122174
2029104165
203085156
203166147
203246139
203327131
20347123
2035-13116
2036-33110
2037-54104
2038-7698
2039-9792
2040-11986
2041-14279
2042-16572
2043-18866
2044-21159
2045-23553
2046-25846
2047-28239
2048-30632
2049-33025
2050-35418
2051-37811
2052-4034
2053-427-4
2054-452-12
2055-477-19
2056-502-27
2057-527-36
2058-552-44
2059-578-53
2060-604-62
2061-630-71
2062-657-81
2063-684-91
2064-712-101
2065-740-112
2066-768-123
2067-796-134
2068-825-145
2069-855-157
2070-884-169
2071-914-181
2072-945-194
2073-976-207
2074-1007-220
2075-1039-234
2076-1071-248
2077-1105-262
2078-1139-277
2079-1175-292
2080-1211-307
2081-1248-322
2082-1286-338
2083-1324-353
2084-1363-369
2085-1403-385
2086-1443-400
2087-1483-416
2088-1524-431
2089-1564-447
2090-1604-461
2091-1643-476
2092-1681-490
2093-1718-503
2094-1754-517
2095-1789-530
2096-1825-543
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