## Summary Measures and Graphs

__Description of Proposed Provision__:

E2.8: Apply a 2 percent payroll tax on earnings above the current-law taxable maximum for years 2023-2070, and a 3 percent rate for years 2071 and later. Do not provide benefit credit for earnings above the current-law taxable maximum.

__Description of Proposed Provision__:

E2.8: Apply a 2 percent payroll tax on earnings above the current-law taxable maximum for years 2023-2070, and a 3 percent rate for years 2071 and later. 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 | 0.45 | 0.63 | 14% | 14% |