Summary Measures and Graphs
Description of Proposed Provision:
E1.1: Increase the payroll tax rate (currently 12.4 percent) to 16.0 percent in 2023 and later.
Estimates based on the intermediate assumptions
of the 2022 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 |
||
-3.42 | -4.25 | 3.51 | 3.61 | 103% | 85% |