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 2021. Do not provide benefit credit for earnings above the current-law taxable maximum.
Estimates based on the intermediate assumptions
of the 2020 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 |
||
-3.21 | -4.51 | 0.61 | 0.64 | 19% | 14% |