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