## Summary Measures and Graphs

__Description of Proposed Provision__:

E1.9: Increase the payroll tax rate (currently 12.4 percent) by 0.1 percentage point each year from 2023-2046, until the rate reaches 14.8 percent in 2046. Then increase the payroll tax rate an additional 0.1 percentage point in each year from 2085-2089, until the rate reaches 15.3 percent for 2089 and later.

__Description of Proposed Provision__:

E1.9: Increase the payroll tax rate (currently 12.4 percent) by 0.1 percentage point each year from 2023-2046, until the rate reaches 14.8 percent in 2046. Then increase the payroll tax rate an additional 0.1 percentage point in each year from 2085-2089, until the rate reaches 15.3 percent for 2089 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 | 1.79 | 2.85 | 64% | 69% |