Appendix Table  19:
The Impact of Potential OASI Reforms on Implicit Wealth Tax Rates
                                White (r=5%)                     

Quintile of Lifetime Earnings:                   Lowest  Middle Highest  All 

                                                      Birth Cohort 1945-49

 0 Current Rules                                  -35.1   60.9   75.7   66.2
 1 38% Tax Hike Beginning in Year 2000            -31.3   62.1   76.8   67.5
 2 25% Benefit Cut Beginning in Year 2000          -1.5   70.9   81.8   74.7
 3 Acclerated Increase in NRA                     -13.9   69.0   81.7   73.6
 4 CPI Indexing of Covered Earnings               -24.8   64.0   77.1   68.7
 5 Indexing Benefits by CPI Minus 1%              -20.7   64.7   78.0   69.5
 6 Stabilize Real Per Capita Benefits             -19.2   65.5   78.5   70.2
 7 Freeze Bend Points in Real Terms               -31.2   62.2   76.7   67.4
 8 Eliminate Earnings Ceiling                     -37.0   60.7   75.4   66.2
 9 Eliminate Earnings Ceiling w/o Benefit Change  -35.1   60.9   77.2   67.3
10 Increase Computation Years from 35 to 40       -28.8   62.4   76.4   67.4
  
                                                      Birth Cohort 1970-74

 0 Current Rules                                  -36.9   54.9   78.4   67.5
 1 38% Tax Hike Beginning in Year 2000            -11.2   64.2   83.0   74.4
 2 25% Benefit Cut Beginning in Year 2000          -2.5   66.5   83.9   75.8
 3 Acclerated Increase in NRA                     -18.5   62.6   82.4   73.1
 4 CPI Indexing of Covered Earnings               -24.7   58.7   79.8   70.2
 5 Indexing Benefits by CPI Minus 1%              -22.0   59.5   80.6   70.9
 6 Stabilize Real Per Capita Benefits              16.7   72.9   86.9   80.4
 7 Freeze Bend Points in Real Terms               -24.4   60.3   81.4   71.6
 8 Eliminate Earnings Ceiling                     -43.7   54.4   80.0   70.2
 9 Eliminate Earnings Ceiling w/o Benefit Change  -36.9   55.0   84.8   73.6
10 Increase Computation Years from 35 to 40       -28.7   56.6   78.9   68.7
  
                                                      Birth Cohort 1995-00

 0 Current Rules                                  -32.6   51.8   77.0   65.2
 1 38% Tax Hike Beginning in Year 2000              3.8   65.1   83.3   74.8
 2 25% Benefit Cut Beginning in Year 2000            .8   64.2   82.8   74.1
 3 Acclerated Increase in NRA                     -15.8   58.9   80.8   70.5
 4 CPI Indexing of Covered Earnings               -20.4   55.8   78.5   68.0
 5 Indexing Benefits by CPI Minus 1%              -18.7   56.4   79.3   68.6
 6 Stabilize Real Per Capita Benefits              67.0   88.4   94.3   91.4
 7 Freeze Bend Points in Real Terms               -11.5   61.0   82.1   72.4
 8 Eliminate Earnings Ceiling                     -36.8   51.7   79.5   69.1
 9 Eliminate Earnings Ceiling w/o Benefit Change  -32.5   52.0   84.7   72.7
10 Increase Computation Years from 35 to 40       -24.8   53.8   77.5   66.4
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Source: Author's calculations.