Summary Measures and Graphs
Description of Proposed Provision:
E1.8: Increase the payroll tax rate (currently 12.4 percent) by 0.1 percentage point each year from 2023-2028, until the rate reaches 13.0 percent for 2028 and later.
Estimates based on the intermediate assumptions
of the 2020 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 |
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-3.21 | -4.51 | 0.54 | 0.60 | 17% | 13% |