Summary Measures and Graphs
Description of Proposed Provision:
E3.1: Increase the taxable maximum such that 90 percent of earnings would be subject to the payroll tax (phased in 2020-2029). Provide benefit credit for earnings up to the revised 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 | 0.73 | 0.56 | 26% | 14% |