"The proposal would reduce the employee portion of the payroll tax rate from 6.2 to 4.2 percent on annual earnings below the applicable threshold; the employer portion would remain at 6.2 per cent. The tax rate for self-employed workers would be reduced from 12.4 to 10.4 percent on annual earnings below the applicable threshold.... [T]hat enactment of this proposal would increase the long-range OASDI actuarial deficit by about 0.77 percent of taxable payroll, from 2.66 percent of payroll under current law to 3.43 percent of payroll under the proposal."

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