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 |
| 2018 | 288 | 288 |
| 2019 | 272 | 272 |
| 2020 | 256 | 256 |
| 2021 | 239 | 246 |
| 2022 | 223 | 236 |
| 2023 | 206 | 225 |
| 2024 | 188 | 215 |
| 2025 | 171 | 204 |
| 2026 | 154 | 193 |
| 2027 | 137 | 183 |
| 2028 | 120 | 173 |
| 2029 | 104 | 163 |
| 2030 | 86 | 153 |
| 2031 | 69 | 143 |
| 2032 | 51 | 134 |
| 2033 | 33 | 124 |
| 2034 | 14 | 115 |
| 2035 | -5 | 105 |
| 2036 | -25 | 95 |
| 2037 | -46 | 85 |
| 2038 | -67 | 74 |
| 2039 | -88 | 65 |
| 2040 | -110 | 55 |
| 2041 | -132 | 45 |
| 2042 | -154 | 36 |
| 2043 | -176 | 28 |
| 2044 | -199 | 20 |
| 2045 | -221 | 12 |
| 2046 | -244 | 5 |
| 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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