TABLE THREE
CORPORATE TAX LOSS DUE TO INCREASED FICA SINCE 1970 (IN MILLIONS $'s) | ||||||
YEAR | INCOME SUBJECT TO FICA | THIS MORE FICA | LOST CORPORATE PROFITS | SSA RATE OF RETURN | LOST FEDERAL CORPORATE 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% | $500 | $511 |
1972 | $466,432 | 0.40% | $1,866 | 5.08% | $560 | $1,111 |
1973 | $534,593 | 1.05% | $5,613 | 5.28% | $1,684 | $2,896 |
1974 | $595,211 | 1.05% | $6,250 | 5.72% | $1,875 | $4,991 |
1975 | $649,326 | 1.05% | $6,818 | 6.39% | $2,045 | $7,426 |
1976 | $724,137 | 1.05% | $7,603 | 6.50% | $2,281 | $10,273 |
1977 | $795,109 | 1.05% | $8,349 | 6.85% | $2,505 | $13,585 |
1978 | $882,702 | 1.25% | $11,034 | 7.30% | $3,310 | $18,033 |
1979 | $1,015,231 | 1.33% | $13,503 | 7.29% | $4,051 | $23,581 |
1980 | $1,144,425 | 1.33% | $15,221 | 8.08% | $4,566 | $30,299 |
1981 | $1,304,543 | 1.85% | $24,134 | 9.59% | $7,240 | $40,901 |
1982 | $1,351,617 | 1.90% | $25,681 | 3.83% | $7,704 | $50,334 |
1983 | $1,456,179 | 2.08% | $30,216 | 34.09% | $9,065 | $81,068 |
1984 | $1,578,096 | 2.20% | $34,718 | 8.36% | $10,415 | $98,932 |
1985 | $1,701,519 | 2.25% | $38,284 | 5.22% | $11,485 | $115,986 |
1986 | $1,834,048 | 2.35% | $43,100 | 7.85% | $12,930 | $138,835 |
1987 | $1,949,375 | 2.35% | $45,810 | 7.55% | $13,743 | $163,911 |
1988 | $2,015,570 | 2.85% | $57,444 | 7.35% | $17,233 | $194,207 |
1989 | $2,194,693 | 2.85% | $62,549 | 7.73% | $18,765 | $229,204 |
1990 | $2,346,754 | 2.85% | $66,883 | 7.64% | $20,065 | $268,122 |
1991 | $2,391,000 | 2.85% | $68,144 | 7.78% | $20,443 | $310,920 |
1992 | $2,464,842 | 2.85% | $70,248 | 7.61% | $21,074 | $357,266 |
1993 | $2,551,798 | 2.85% | $72,726 | 7.32% | $21,818 | $406,870 |
1994 | $2,573,009 | 2.85% | $73,331 | 7.24% | $21,999 | $460,082 |
1995 | $2,672,105 | 2.85% | $76,155 | 7.16% | $22,847 | $517,728 |
1996 | $2,820,675 | 2.85% | $80,389 | 6.95% | $24,117 | $579,758 |
1997 | $3,069,702 | 2.85% | $87,487 | 6.75% | $26,246 | $647,230 |
1998 | $3,069,702 | 2.85% | $87,487 | 6.75% | $26,246 | $719,404 |