Description of Proposed Provision:
E1.5: Increase the payroll tax rate (currently 12.4 percent) to 12.6 percent in 2020, 12.9 percent in 2028, 13.1 in percent in 2038, 13.9 percent in 2048, 13.5 percent in 2058, and 13.3 percent in 2068 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 | 0.76 | 0.91 | 27% | 20% |