TABLE TWO
PERSONAL INCOME TAX LOSS DUE TO INCREASED FICA SINCE 1970 (IN MILLIONS) | ||||||
YEAR | INCOME SUBJECT TO FICA | THIS MORE FICA | ADD. FICA TAXES | SSA RATE OF RETURN | LOST PERSONAL INCOME TAXES | COST PLUS INTEREST TO U.S. TREASURY |
1970 | $414,466 | $0 | 4.67% | $0 | $0 | |
1971 | $416,333 | 0.40% | $1,665 | 4.93% | $1,665 | $1,704 |
1972 | $466,432 | 0.40% | $1,866 | 5.08% | $1,866 | $3,702 |
1973 | $534,593 | 1.05% | $5,613 | 5.28% | $5,613 | $9,653 |
1974 | $595,211 | 1.05% | $6,250 | 5.72% | $6,250 | $16,636 |
1975 | $649,326 | 1.05% | $6,818 | 6.39% | $6,818 | $24,752 |
1976 | $724,137 | 1.05% | $7,603 | 6.50% | $7,603 | $34,245 |
1977 | $795,109 | 1.05% | $8,349 | 6.85% | $8,349 | $45,283 |
1978 | $882,702 | 1.25% | $11,034 | 7.30% | $11,034 | $60,110 |
1979 | $1,015,231 | 1.33% | $13,503 | 7.29% | $13,503 | $78,602 |
1980 | $1,144,425 | 1.33% | $15,221 | 8.08% | $15,221 | $100,995 |
1981 | $1,304,543 | 1.85% | $24,134 | 9.59% | $24,134 | $136,336 |
1982 | $1,351,617 | 1.90% | $25,681 | 3.83% | $25,681 | $167,780 |
1983 | $1,456,179 | 2.08% | $30,216 | 34.09% | $30,216 | $270,228 |
1984 | $1,578,096 | 2.20% | $34,718 | 8.36% | $34,718 | $329,773 |
1985 | $1,701,519 | 2.25% | $38,284 | 5.22% | $38,284 | $386,619 |
1986 | $1,834,048 | 2.35% | $43,100 | 7.85% | $43,100 | $462,783 |
1987 | $1,949,375 | 2.35% | $45,810 | 7.55% | $45,810 | $546,369 |
1988 | $2,015,570 | 2.85% | $57,444 | 7.35% | $57,444 | $647,356 |
1989 | $2,194,693 | 2.85% | $62,549 | 7.73% | $62,549 | $764,014 |
1990 | $2,346,754 | 2.85% | $66,883 | 7.64% | $66,883 | $893,742 |
1991 | $2,391,000 | 2.85% | $68,144 | 7.78% | $68,144 | $1,036,399 |
1992 | $2,464,842 | 2.85% | $70,248 | 7.61% | $70,248 | $1,190,886 |
1993 | $2,551,798 | 2.85% | $72,726 | 7.32% | $72,726 | $1,356,234 |
1994 | $2,573,009 | 2.85% | $73,331 | 7.24% | $73,331 | $1,533,606 |
1995 | $2,672,105 | 2.85% | $76,155 | 7.16% | $76,155 | $1,725,760 |
1996 | $2,820,675 | 2.85% | $80,389 | 6.95% | $80,389 | $1,932,527 |
1997 | $3,069,702 | 2.85% | $87,487 | 6.75% | $87,487 | $2,157,434 |
1998 | $3,069,702 | 2.85% | $87,487 | 6.75% | $87,487 | $2,398,013 |