Description of Proposed Provision:
E3.2: Increase the taxable maximum such that 90 percent of earnings would be subject to the payroll tax (phased in 2018-2027). Do not provide benefit credit for additional earnings taxed.
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 | 0.98 | 1.10 | 35% | 25% |