Summary Measures and Graphs

Description of Proposed Provision:
E3.14: Eliminate the taxable maximum for the employer payroll tax (6.2 percent) beginning in 2025. For the employee payroll tax (6.2 percent) and for benefit credit purposes, beginning in 2025, increase the taxable maximum by an additional 2 percent per year until taxable earnings equal 90 percent of covered earnings.

Estimates based on the intermediate assumptions of the 2024 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
-3.50 -4.64 1.56 1.45 45% 31%

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.