Description of Proposed Provision:
E1.10: Increase the payroll tax rate by 0.1 percentage point per year for 2021 through 2030 so that it equals 13.4 percent for 2030 and later. The increase would be split evenly between the employer and employee share, and would be split between OASI and DI in proportion to currently scheduled payroll tax rates.

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   0.88 1.00   32% 24%

graph of OASDI cost rates and income rates by year, under
                 current law and provision. click on graph to view underlying
                 data. graph of OASDI trust fund ratio by year, under current law
                 and provision. click on graph to view underlying data.