Summary Measures and Graphs
Description of Proposed Provision:
E2.6: Apply a 3 percent payroll tax on earnings above the current-law taxable maximum starting in 2020. Do not provide benefit credit for earnings above the current-law taxable maximum.
Estimates based on the intermediate assumptions
of the 2019 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 |
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-2.78 | -4.11 | 0.61 | 0.63 | 22% | 15% |