Description of Proposed Provision:
E1.9: Increase the payroll tax rate (currently 12.4 percent) by 0.1 percentage point each year from 2021-2044, until the rate reaches 14.8 percent in 2044. Then increase the payroll tax rate an additional 0.1 percentage point in each year from 2083-2087, until the rate reaches 15.3 percent for 2087 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 | 1.76 | 2.85 | 62% | 64% |