Summary Measures and Graphs

Description of Proposed Provision:
F2: Starting in 2021, exempt individuals with more than 180 quarters of coverage from the OASDI payroll tax. Earnings exempted from OASDI payroll tax would not be used in computing benefits.

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 -0.60 -0.79 -19% -17%

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.