Summary Measures and Graphs
Description of Proposed Provision:
E2.17: Apply 12.4 percent payroll tax rate on earnings above $400,000 starting in 2024 and tax all earnings once the current-law taxable maximum exceeds $400,000. Do not provide benefit credit for additional earnings taxed.
Estimates based on the intermediate assumptions
of the 2023 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 |
||
-3.61 | -4.35 | 2.26 | 2.60 | 63% | 60% |