Appendix Table  23:
The Impact of Potential OASI Reforms on Implicit Wealth Tax Rates
                      White, College-Educated Men (r=5%)         

Quintile of Lifetime Earnings:                   Lowest  Middle Highest  All 

                                                      Birth Cohort 1945-49

 0 Current Rules                                   13.8   67.9   77.9   75.2
 1 38% Tax Hike Beginning in Year 2000             20.7   69.1   78.9   76.2
 2 25% Benefit Cut Beginning in Year 2000          35.7   76.2   83.5   81.5
 3 Acclerated Increase in NRA                      30.1   76.5   83.7   81.7
 4 CPI Indexing of Covered Earnings                21.6   70.6   79.3   77.0
 5 Indexing Benefits by CPI Minus 1%               21.3   70.7   80.0   77.5
 6 Stabilize Real Per Capita Benefits              23.6   71.8   80.6   78.1
 7 Freeze Bend Points in Real Terms                15.8   69.0   78.9   76.2
 8 Eliminate Earnings Ceiling                      14.0   67.7   77.7   75.1
 9 Eliminate Earnings Ceiling w/o Benefit Change   14.0   67.9   79.6   76.5
10 Increase Computation Years from 35 to 40        22.3   69.0   78.5   75.9
  
                                                      Birth Cohort 1970-74

 0 Current Rules                                   31.3   60.2   80.1   75.4
 1 38% Tax Hike Beginning in Year 2000             46.2   69.3   84.5   80.8
 2 25% Benefit Cut Beginning in Year 2000          48.5   70.6   85.1   81.6
 3 Acclerated Increase in NRA                      44.1   68.4   84.0   80.2
 4 CPI Indexing of Covered Earnings                40.0   63.4   81.3   77.1
 5 Indexing Benefits by CPI Minus 1%               37.1   63.9   82.1   77.7
 6 Stabilize Real Per Capita Benefits              58.3   76.4   88.0   85.2
 7 Freeze Bend Points in Real Terms                34.6   64.7   82.9   78.6
 8 Eliminate Earnings Ceiling                      29.0   60.3   82.0   77.9
 9 Eliminate Earnings Ceiling w/o Benefit Change   31.3   60.4   86.4   81.3
10 Increase Computation Years from 35 to 40        36.4   61.8   80.5   76.0
  
                                                      Birth Cohort 1995-00

 0 Current Rules                                   -2.3   55.1   77.1   70.0
 1 38% Tax Hike Beginning in Year 2000             25.8   67.5   83.4   78.2
 2 25% Benefit Cut Beginning in Year 2000          23.3   66.8   82.9   77.6
 3 Acclerated Increase in NRA                       7.0   61.8   80.7   74.4
 4 CPI Indexing of Covered Earnings                10.6   58.8   78.5   72.2
 5 Indexing Benefits by CPI Minus 1%                5.7   58.9   79.3   72.7
 6 Stabilize Real Per Capita Benefits              74.6   89.4   94.4   92.7
 7 Freeze Bend Points in Real Terms                 8.3   63.2   82.0   76.3
 8 Eliminate Earnings Ceiling                      -2.9   55.1   80.2   74.3
 9 Eliminate Earnings Ceiling w/o Benefit Change   -2.3   55.1   85.7   78.6
10 Increase Computation Years from 35 to 40         5.6   56.8   77.5   70.8
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Source: Author's calculations.