Summary Measures and Graphs
Description of Proposed Provision:
E3.15: Increase the taxable maximum such that 90 percent of earnings are subject to the payroll tax (phased in 2026-2035). In addition, apply a tax rate of 6.2 percent for earnings above the revised taxable maximum (phased in from 2026-2035). Provide benefit credit for earnings taxed up to the revised taxable maximum.
Estimates based on the intermediate assumptions
of the 2025 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 |
||
-3.82 | -4.84 | 1.51 | 1.40 | 39% | 29% |
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