Description of Proposed Provision:
E2.9: Apply the following payroll tax rates above the current-law taxable maximum: 2.0 percent in 2020, 3.0 percent in 2033, 3.5 percent in 2048, 4.5 percent in 2058, and 5.5 percent in 2068 and later. Do not provide benefit credit for earnings above the current-law taxable maximum.

Estimates based on the intermediate assumptions of the 2017 Trustees Report

Summary Measures
Current law
[percent of payroll]		   Change from current law
[percent of payroll]		   Shortfall eliminated
Long-range
actuarial
balance		 Annual
balance in
75th year		   Long-range
actuarial
balance		 Annual
balance in
75th year		   Long-range
actuarial
balance		 Annual
balance in
75th year
-2.83 -4.48   0.71 1.14   25% 25%

graph of OASDI cost rates and income rates by year, under current law and provision. click on graph to view underlying data. graph of OASDI trust fund ratio by year, under current law and provision. click on graph to view underlying data.