Summary Measures and Graphs

Description of Proposed Provision:
E3.11: Beginning in 2029, apply 2 percent payroll tax rate on earnings over the wage-indexed equivalent of $300,000 in 2017 (about $458,400 in 2029), with the threshold wage-indexed after 2029. Do not provide benefit credit for additional earnings taxed.

Estimates based on the intermediate assumptions of the 2021 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
-3.54 -4.34 0.21 0.25 6% 6%

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.