ABSTRACT

Congressional Budget Office Cost Estimate: Analysis of Effects on Social Security of H.R. 860, the Social Security 2100 Act   [open pdf - 209KB]

From the Document: "[T]he Congressional Budget Office [CBO] and the staff of the Joint Committee on Taxation (JCT) have analyzed the budgetary, financial, and long-term distributional effects of enacting H.R. 860, the Social Security 2100 Act, as introduced on January 30, 2019. The bill would increase benefits and raise Social Security payroll taxes. As shown in Table 1, CBO and JCT estimate that over the current baseline projection period (2020 to 2029), enactment of H.R. 860 would: [1] Increase Social Security outlays by $386 billion; [2] Increase federal revenues by $911 billion, the net effect of a decrease in on-budget revenues of $719 billion and an increase in off-budget revenues of $1.629 trillion; and [3] Reduce the federal deficit by $525 billion (excluding any effects on direct spending for programs other than Social Security)."

Publisher:
Date:
2019-09-13
Copyright:
Public Domain
Retrieved From:
Congressional Budget Office: http://www.cbo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
Help with citations