Summary Measures and Graphs
Description of Proposed Provision:
E1.2: Increase the payroll tax rate (currently 12.4 percent) to 16.2 percent in 2034-2063, and to 20.0 percent in years 2064 and later.
Estimates based on the intermediate assumptions
of the 2023 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 |
||
-3.61 | -4.35 | 4.49 | 7.51 | 125% | 173% |