Proposed Provision: E2.13. Apply OASDI 12.4 percent payroll tax rate on earnings above $400,000 starting in 2020, 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 2019 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
2018288288
2019272272
2020256256
2021239246
2022223236
2023206225
2024188215
2025171204
2026154193
2027137183
2028120173
2029104163
203086153
203169143
203251134
203333124
203414115
2035-5105
2036-2595
2037-4685
2038-6774
2039-8865
2040-11055
2041-13245
2042-15436
2043-17628
2044-19920
2045-22112
2046-2445
2047-267-2
2048-289-8
2049-312-14
2050-335-20
2051-358-25
2052-381-31
2053-403-37
2054-426-43
2055-450-49
2056-473-55
2057-496-61
2058-520-68
2059-544-75
2060-569-82
2061-594-90
2062-619-97
2063-645-106
2064-671-114
2065-698-123
2066-725-132
2067-752-141
2068-780-151
2069-808-161
2070-837-172
2071-866-182
2072-896-194
2073-927-205
2074-958-217
2075-990-229
2076-1023-242
2077-1057-255
2078-1092-269
2079-1128-282
2080-1165-296
2081-1202-310
2082-1240-324
2083-1278-338
2084-1316-353
2085-1354-367
2086-1392-381
2087-1430-395
2088-1468-409
2089-1505-423
2090-1543-438
2091-1580-452
2092-1618-466
2093-1655-481
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