Description of Proposed Provision:
E1.3: Reduce the payroll tax rate (currently 12.4 percent) to 11.4 percent in 2018 and later.
Estimates based on the intermediate assumptions of the 2017 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 |
||
-2.83 | -4.48 | -0.97 | -1.01 | -34% | -23% |