Summary Measures and Graphs
Description of Proposed Provision:
E1.2: Increase the payroll tax rate (currently 12.4 percent) to 15.4 percent in 2032-2061, and to 18.4 percent in years 2062 and later.
Estimates based on the intermediate assumptions
of the 2019 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 |
||
-2.78 | -4.11 | 3.30 | 5.80 | 119% | 141% |