Appendix Table 1: The Impact of Potential OASI Reforms on Lifetime Net Tax Rates Men (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 2.2 6.8 5.2 5.8 1 38% Tax Hike Beginning in Year 2000 2.8 7.1 5.5 6.2 2 25% Benefit Cut Beginning in Year 2000 4.4 7.5 5.6 6.4 3 Acclerated Increase in NRA 4.0 7.5 5.6 6.4 4 CPI Indexing of Covered Earnings 2.9 7.0 5.3 6.0 5 Indexing Benefits by CPI Minus 1% 3.0 7.0 5.4 6.0 6 Stabilize Real Per Capita Benefits 3.2 7.1 5.4 6.1 7 Freeze Bend Points in Real Terms 2.5 6.9 5.3 5.9 8 Eliminate Earnings Ceiling 2.1 6.8 5.5 6.0 9 Eliminate Earnings Ceiling w/o Benefit Change 2.2 6.8 5.6 6.1 10 Increase Computation Years from 35 to 40 2.9 6.9 5.3 5.9 Birth Cohort 1970-74 0 Current Rules 3.7 6.4 5.6 5.9 1 38% Tax Hike Beginning in Year 2000 6.3 9.3 7.5 8.2 2 25% Benefit Cut Beginning in Year 2000 5.4 7.4 6.0 6.5 3 Acclerated Increase in NRA 5.0 7.2 5.9 6.3 4 CPI Indexing of Covered Earnings 4.5 6.7 5.7 6.1 5 Indexing Benefits by CPI Minus 1% 4.3 6.8 5.7 6.1 6 Stabilize Real Per Capita Benefits 6.4 8.0 6.2 6.8 7 Freeze Bend Points in Real Terms 4.0 6.9 5.8 6.2 8 Eliminate Earnings Ceiling 3.6 6.4 7.9 7.5 9 Eliminate Earnings Ceiling w/o Benefit Change 3.7 6.4 8.3 7.8 10 Increase Computation Years from 35 to 40 4.3 6.5 5.6 6.0 Birth Cohort 1995-00 0 Current Rules 1.3 5.9 5.5 5.7 1 38% Tax Hike Beginning in Year 2000 5.1 9.8 8.1 8.7 2 25% Benefit Cut Beginning in Year 2000 3.5 7.0 5.9 6.3 3 Acclerated Increase in NRA 2.5 6.6 5.7 6.0 4 CPI Indexing of Covered Earnings 2.4 6.3 5.6 5.8 5 Indexing Benefits by CPI Minus 1% 2.1 6.3 5.6 5.9 6 Stabilize Real Per Capita Benefits 7.9 9.2 6.6 7.4 7 Freeze Bend Points in Real Terms 2.3 6.7 5.8 6.1 8 Eliminate Earnings Ceiling 1.3 5.9 8.3 7.6 9 Eliminate Earnings Ceiling w/o Benefit Change 1.3 5.9 8.7 7.9 10 Increase Computation Years from 35 to 40 2.0 6.1 5.5 5.7 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 2: The Impact of Potential OASI Reforms on Lifetime Net Tax Rates Women (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules -5.2 5.4 4.0 4.3 1 38% Tax Hike Beginning in Year 2000 -4.9 5.7 4.3 4.6 2 25% Benefit Cut Beginning in Year 2000 -.9 6.6 4.5 5.3 3 Acclerated Increase in NRA -2.6 6.2 4.4 5.0 4 CPI Indexing of Covered Earnings -3.9 5.8 4.1 4.6 5 Indexing Benefits by CPI Minus 1% -3.4 5.9 4.2 4.7 6 Stabilize Real Per Capita Benefits -3.2 6.0 4.2 4.8 7 Freeze Bend Points in Real Terms -4.7 5.6 4.1 4.4 8 Eliminate Earnings Ceiling -5.5 5.4 4.4 4.4 9 Eliminate Earnings Ceiling w/o Benefit Change -5.2 5.4 4.7 4.5 10 Increase Computation Years from 35 to 40 -4.5 5.6 4.1 4.5 Birth Cohort 1970-74 0 Current Rules -6.2 5.1 4.7 4.6 1 38% Tax Hike Beginning in Year 2000 -4.0 7.5 6.3 6.6 2 25% Benefit Cut Beginning in Year 2000 -2.1 6.4 5.0 5.5 3 Acclerated Increase in NRA -4.2 5.8 4.9 5.1 4 CPI Indexing of Covered Earnings -4.8 5.5 4.8 4.9 5 Indexing Benefits by CPI Minus 1% -4.3 5.6 4.8 5.0 6 Stabilize Real Per Capita Benefits .1 7.1 5.3 6.0 7 Freeze Bend Points in Real Terms -4.7 5.7 4.9 5.0 8 Eliminate Earnings Ceiling -7.0 5.0 7.3 6.0 9 Eliminate Earnings Ceiling w/o Benefit Change -6.2 5.1 8.0 6.4 10 Increase Computation Years from 35 to 40 -5.3 5.3 4.7 4.7 Birth Cohort 1995-00 0 Current Rules -4.6 5.0 5.2 4.9 1 38% Tax Hike Beginning in Year 2000 -.7 8.8 7.8 8.0 2 25% Benefit Cut Beginning in Year 2000 -.8 6.3 5.6 5.7 3 Acclerated Increase in NRA -2.7 5.7 5.4 5.4 4 CPI Indexing of Covered Earnings -3.2 5.4 5.3 5.2 5 Indexing Benefits by CPI Minus 1% -2.9 5.5 5.4 5.2 6 Stabilize Real Per Capita Benefits 6.4 8.9 6.4 7.5 7 Freeze Bend Points in Real Terms -2.1 6.0 5.5 5.6 8 Eliminate Earnings Ceiling -5.1 4.9 8.0 6.3 9 Eliminate Earnings Ceiling w/o Benefit Change -4.5 5.0 8.7 6.7 10 Increase Computation Years from 35 to 40 -3.8 5.2 5.2 5.0 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 3: The Impact of Potential OASI Reforms on Lifetime Net Tax Rates White (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules -4.3 6.1 4.9 5.3 1 38% Tax Hike Beginning in Year 2000 -3.9 6.4 5.3 5.6 2 25% Benefit Cut Beginning in Year 2000 -.2 7.1 5.3 6.0 3 Acclerated Increase in NRA -1.7 6.9 5.3 5.9 4 CPI Indexing of Covered Earnings -3.0 6.4 5.0 5.5 5 Indexing Benefits by CPI Minus 1% -2.5 6.5 5.1 5.6 6 Stabilize Real Per Capita Benefits -2.3 6.5 5.1 5.6 7 Freeze Bend Points in Real Terms -3.8 6.2 5.0 5.4 8 Eliminate Earnings Ceiling -4.5 6.1 5.3 5.5 9 Eliminate Earnings Ceiling w/o Benefit Change -4.3 6.1 5.4 5.6 10 Increase Computation Years from 35 to 40 -3.5 6.2 5.0 5.4 Birth Cohort 1970-74 0 Current Rules -3.8 5.7 5.3 5.4 1 38% Tax Hike Beginning in Year 2000 -1.4 8.3 7.2 7.6 2 25% Benefit Cut Beginning in Year 2000 -.3 6.8 5.7 6.1 3 Acclerated Increase in NRA -1.9 6.4 5.6 5.9 4 CPI Indexing of Covered Earnings -2.5 6.0 5.4 5.6 5 Indexing Benefits by CPI Minus 1% -2.2 6.1 5.5 5.7 6 Stabilize Real Per Capita Benefits 1.7 7.5 5.9 6.5 7 Freeze Bend Points in Real Terms -2.5 6.2 5.5 5.8 8 Eliminate Earnings Ceiling -4.5 5.6 7.7 6.9 9 Eliminate Earnings Ceiling w/o Benefit Change -3.8 5.7 8.2 7.3 10 Increase Computation Years from 35 to 40 -2.9 5.8 5.4 5.5 Birth Cohort 1995-00 0 Current Rules -3.3 5.3 5.3 5.2 1 38% Tax Hike Beginning in Year 2000 .5 9.1 7.9 8.3 2 25% Benefit Cut Beginning in Year 2000 .1 6.5 5.7 5.9 3 Acclerated Increase in NRA -1.6 6.0 5.5 5.7 4 CPI Indexing of Covered Earnings -2.1 5.7 5.4 5.5 5 Indexing Benefits by CPI Minus 1% -1.9 5.7 5.4 5.5 6 Stabilize Real Per Capita Benefits 6.8 9.0 6.5 7.3 7 Freeze Bend Points in Real Terms -1.2 6.2 5.6 5.8 8 Eliminate Earnings Ceiling -3.7 5.3 8.2 7.1 9 Eliminate Earnings Ceiling w/o Benefit Change -3.3 5.3 8.7 7.4 10 Increase Computation Years from 35 to 40 -2.5 5.5 5.3 5.3 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 4: The Impact of Potential OASI Reforms on Lifetime Net Tax Rates Non-White (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules -3.8 6.4 5.2 5.7 1 38% Tax Hike Beginning in Year 2000 -3.6 6.7 5.5 6.0 2 25% Benefit Cut Beginning in Year 2000 -.3 7.3 5.6 6.4 3 Acclerated Increase in NRA -1.6 7.0 5.6 6.3 4 CPI Indexing of Covered Earnings -2.4 6.7 5.3 6.0 5 Indexing Benefits by CPI Minus 1% -2.2 6.8 5.4 6.0 6 Stabilize Real Per Capita Benefits -2.1 6.8 5.4 6.1 7 Freeze Bend Points in Real Terms -3.4 6.5 5.3 5.8 8 Eliminate Earnings Ceiling -3.8 6.4 5.4 5.8 9 Eliminate Earnings Ceiling w/o Benefit Change -3.8 6.4 5.5 5.9 10 Increase Computation Years from 35 to 40 -3.1 6.5 5.3 5.8 Birth Cohort 1970-74 0 Current Rules -1.7 6.1 5.0 5.4 1 38% Tax Hike Beginning in Year 2000 .5 8.8 6.8 7.6 2 25% Benefit Cut Beginning in Year 2000 1.3 7.2 5.4 6.1 3 Acclerated Increase in NRA -.3 6.8 5.3 5.9 4 CPI Indexing of Covered Earnings -.6 6.4 5.1 5.7 5 Indexing Benefits by CPI Minus 1% -.3 6.5 5.2 5.7 6 Stabilize Real Per Capita Benefits 2.8 7.7 5.6 6.5 7 Freeze Bend Points in Real Terms -.9 6.5 5.3 5.8 8 Eliminate Earnings Ceiling -2.0 6.0 7.6 6.9 9 Eliminate Earnings Ceiling w/o Benefit Change -1.7 6.1 8.1 7.3 10 Increase Computation Years from 35 to 40 -1.1 6.2 5.1 5.5 Birth Cohort 1995-00 0 Current Rules -1.4 6.2 5.9 5.9 1 38% Tax Hike Beginning in Year 2000 2.4 10.0 8.8 9.2 2 25% Benefit Cut Beginning in Year 2000 1.5 7.2 6.3 6.6 3 Acclerated Increase in NRA .0 6.8 6.2 6.4 4 CPI Indexing of Covered Earnings -.2 6.5 6.0 6.2 5 Indexing Benefits by CPI Minus 1% -.1 6.5 6.1 6.2 6 Stabilize Real Per Capita Benefits 6.8 9.2 7.1 8.0 7 Freeze Bend Points in Real Terms .2 6.9 6.3 6.5 8 Eliminate Earnings Ceiling -1.7 6.1 8.4 7.3 9 Eliminate Earnings Ceiling w/o Benefit Change -1.4 6.2 8.8 7.5 10 Increase Computation Years from 35 to 40 -.8 6.3 6.0 6.0 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 5: The Impact of Potential OASI Reforms on Lifetime Net Tax Rates College (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules -6.0 5.5 4.8 5.0 1 38% Tax Hike Beginning in Year 2000 -5.8 5.8 5.1 5.3 2 25% Benefit Cut Beginning in Year 2000 -1.5 6.6 5.2 5.6 3 Acclerated Increase in NRA -3.2 6.3 5.2 5.5 4 CPI Indexing of Covered Earnings -4.7 5.8 4.9 5.2 5 Indexing Benefits by CPI Minus 1% -4.1 5.9 4.9 5.2 6 Stabilize Real Per Capita Benefits -3.9 6.0 5.0 5.3 7 Freeze Bend Points in Real Terms -5.5 5.6 4.8 5.1 8 Eliminate Earnings Ceiling -6.5 5.4 5.1 5.2 9 Eliminate Earnings Ceiling w/o Benefit Change -6.0 5.5 5.3 5.3 10 Increase Computation Years from 35 to 40 -5.3 5.6 4.8 5.1 Birth Cohort 1970-74 0 Current Rules -4.3 5.4 5.0 5.2 1 38% Tax Hike Beginning in Year 2000 -2.1 8.0 6.7 7.2 2 25% Benefit Cut Beginning in Year 2000 -.7 6.6 5.3 5.8 3 Acclerated Increase in NRA -2.4 6.2 5.3 5.6 4 CPI Indexing of Covered Earnings -3.1 5.8 5.1 5.4 5 Indexing Benefits by CPI Minus 1% -2.6 5.9 5.1 5.4 6 Stabilize Real Per Capita Benefits 1.3 7.3 5.5 6.1 7 Freeze Bend Points in Real Terms -3.0 6.0 5.2 5.5 8 Eliminate Earnings Ceiling -5.4 5.3 7.7 7.0 9 Eliminate Earnings Ceiling w/o Benefit Change -4.3 5.4 8.3 7.4 10 Increase Computation Years from 35 to 40 -3.4 5.6 5.0 5.3 Birth Cohort 1995-00 0 Current Rules -4.9 5.4 5.0 5.0 1 38% Tax Hike Beginning in Year 2000 -1.2 9.3 7.5 7.9 2 25% Benefit Cut Beginning in Year 2000 -1.2 6.7 5.4 5.7 3 Acclerated Increase in NRA -3.1 6.2 5.2 5.4 4 CPI Indexing of Covered Earnings -3.6 5.8 5.1 5.3 5 Indexing Benefits by CPI Minus 1% -3.3 5.9 5.1 5.3 6 Stabilize Real Per Capita Benefits 6.1 9.0 6.1 7.0 7 Freeze Bend Points in Real Terms -2.5 6.3 5.3 5.6 8 Eliminate Earnings Ceiling -5.4 5.4 8.2 7.2 9 Eliminate Earnings Ceiling w/o Benefit Change -4.9 5.5 8.8 7.7 10 Increase Computation Years from 35 to 40 -4.1 5.6 5.0 5.1 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 6: The Impact of Potential OASI Reforms on Lifetime Net Tax Rates Non-College (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules -3.7 6.3 5.1 5.6 1 38% Tax Hike Beginning in Year 2000 -3.3 6.7 5.5 5.9 2 25% Benefit Cut Beginning in Year 2000 .2 7.3 5.6 6.3 3 Acclerated Increase in NRA -1.3 7.1 5.6 6.2 4 CPI Indexing of Covered Earnings -2.5 6.7 5.2 5.8 5 Indexing Benefits by CPI Minus 1% -2.0 6.7 5.3 5.9 6 Stabilize Real Per Capita Benefits -1.8 6.8 5.3 5.9 7 Freeze Bend Points in Real Terms -3.2 6.5 5.2 5.7 8 Eliminate Earnings Ceiling -3.8 6.3 5.4 5.7 9 Eliminate Earnings Ceiling w/o Benefit Change -3.7 6.4 5.5 5.8 10 Increase Computation Years from 35 to 40 -2.9 6.5 5.2 5.7 Birth Cohort 1970-74 0 Current Rules -3.0 6.0 5.7 5.7 1 38% Tax Hike Beginning in Year 2000 -.6 8.7 7.6 8.0 2 25% Benefit Cut Beginning in Year 2000 .3 7.1 6.1 6.4 3 Acclerated Increase in NRA -1.2 6.7 6.0 6.2 4 CPI Indexing of Covered Earnings -1.7 6.4 5.8 6.0 5 Indexing Benefits by CPI Minus 1% -1.5 6.4 5.8 6.0 6 Stabilize Real Per Capita Benefits 2.2 7.7 6.3 6.8 7 Freeze Bend Points in Real Terms -1.8 6.5 5.9 6.1 8 Eliminate Earnings Ceiling -3.3 6.0 7.7 6.8 9 Eliminate Earnings Ceiling w/o Benefit Change -3.0 6.0 8.1 7.1 10 Increase Computation Years from 35 to 40 -2.3 6.1 5.7 5.8 Birth Cohort 1995-00 0 Current Rules -1.8 5.5 6.0 5.8 1 38% Tax Hike Beginning in Year 2000 2.1 9.3 8.9 9.1 2 25% Benefit Cut Beginning in Year 2000 1.3 6.7 6.4 6.5 3 Acclerated Increase in NRA -.2 6.2 6.3 6.2 4 CPI Indexing of Covered Earnings -.6 5.9 6.1 6.0 5 Indexing Benefits by CPI Minus 1% -.5 5.9 6.2 6.1 6 Stabilize Real Per Capita Benefits 7.2 9.0 7.3 8.1 7 Freeze Bend Points in Real Terms .1 6.4 6.4 6.4 8 Eliminate Earnings Ceiling -2.1 5.5 8.2 6.9 9 Eliminate Earnings Ceiling w/o Benefit Change -1.8 5.5 8.6 7.2 10 Increase Computation Years from 35 to 40 -1.1 5.7 6.0 5.9 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 7: The Impact of Potential OASI Reforms on Lifetime Net Tax Rates White, College-Educated Men (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 1.5 6.5 5.0 5.4 1 38% Tax Hike Beginning in Year 2000 2.4 6.9 5.3 5.7 2 25% Benefit Cut Beginning in Year 2000 3.8 7.3 5.3 5.8 3 Acclerated Increase in NRA 3.2 7.3 5.3 5.8 4 CPI Indexing of Covered Earnings 2.3 6.7 5.1 5.5 5 Indexing Benefits by CPI Minus 1% 2.3 6.8 5.1 5.5 6 Stabilize Real Per Capita Benefits 2.5 6.9 5.1 5.6 7 Freeze Bend Points in Real Terms 1.7 6.6 5.0 5.4 8 Eliminate Earnings Ceiling 1.5 6.5 5.3 5.7 9 Eliminate Earnings Ceiling w/o Benefit Change 1.5 6.5 5.5 5.8 10 Increase Computation Years from 35 to 40 2.4 6.6 5.0 5.4 Birth Cohort 1970-74 0 Current Rules 3.3 6.2 5.4 5.6 1 38% Tax Hike Beginning in Year 2000 6.2 9.3 7.2 7.8 2 25% Benefit Cut Beginning in Year 2000 5.1 7.3 5.7 6.1 3 Acclerated Increase in NRA 4.7 7.1 5.6 6.0 4 CPI Indexing of Covered Earnings 4.2 6.5 5.4 5.8 5 Indexing Benefits by CPI Minus 1% 3.9 6.6 5.5 5.8 6 Stabilize Real Per Capita Benefits 6.2 7.9 5.9 6.4 7 Freeze Bend Points in Real Terms 3.6 6.7 5.5 5.9 8 Eliminate Earnings Ceiling 3.1 6.2 8.0 7.7 9 Eliminate Earnings Ceiling w/o Benefit Change 3.3 6.3 8.4 8.0 10 Increase Computation Years from 35 to 40 3.8 6.4 5.4 5.7 Birth Cohort 1995-00 0 Current Rules -.2 5.6 5.0 5.1 1 38% Tax Hike Beginning in Year 2000 3.6 9.5 7.4 7.9 2 25% Benefit Cut Beginning in Year 2000 2.4 6.8 5.3 5.7 3 Acclerated Increase in NRA .7 6.3 5.2 5.4 4 CPI Indexing of Covered Earnings 1.1 6.0 5.0 5.3 5 Indexing Benefits by CPI Minus 1% .6 6.0 5.1 5.3 6 Stabilize Real Per Capita Benefits 7.6 9.2 6.1 6.8 7 Freeze Bend Points in Real Terms .8 6.5 5.3 5.6 8 Eliminate Earnings Ceiling -.3 5.6 8.3 7.6 9 Eliminate Earnings Ceiling w/o Benefit Change -.2 5.7 8.8 8.0 10 Increase Computation Years from 35 to 40 .6 5.8 5.0 5.2 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 8: The Impact of Potential OASI Reforms on Lifetime Net Tax Rates Non-White, Non-College-Educated Women (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules -4.8 6.1 3.9 5.1 1 38% Tax Hike Beginning in Year 2000 -4.6 6.5 4.2 5.4 2 25% Benefit Cut Beginning in Year 2000 -.9 7.2 4.5 6.1 3 Acclerated Increase in NRA -2.4 6.8 4.4 5.8 4 CPI Indexing of Covered Earnings -3.3 6.5 4.1 5.4 5 Indexing Benefits by CPI Minus 1% -3.0 6.6 4.1 5.5 6 Stabilize Real Per Capita Benefits -2.9 6.6 4.2 5.5 7 Freeze Bend Points in Real Terms -4.4 6.3 4.0 5.2 8 Eliminate Earnings Ceiling -4.8 6.1 4.5 5.2 9 Eliminate Earnings Ceiling w/o Benefit Change -4.8 6.1 4.7 5.3 10 Increase Computation Years from 35 to 40 -4.0 6.3 4.0 5.2 Birth Cohort 1970-74 0 Current Rules -8.7 5.6 5.2 5.2 1 38% Tax Hike Beginning in Year 2000 -6.3 8.4 7.0 7.5 2 25% Benefit Cut Beginning in Year 2000 -3.9 6.8 5.6 6.1 3 Acclerated Increase in NRA -6.9 6.3 5.5 5.7 4 CPI Indexing of Covered Earnings -7.0 6.0 5.3 5.5 5 Indexing Benefits by CPI Minus 1% -6.1 6.2 5.4 5.6 6 Stabilize Real Per Capita Benefits -1.8 7.4 5.8 6.5 7 Freeze Bend Points in Real Terms -7.4 6.1 5.4 5.6 8 Eliminate Earnings Ceiling -8.7 5.5 7.3 6.1 9 Eliminate Earnings Ceiling w/o Benefit Change -8.7 5.6 7.9 6.4 10 Increase Computation Years from 35 to 40 -7.8 5.8 5.2 5.3 Birth Cohort 1995-00 0 Current Rules -3.1 5.7 5.9 5.6 1 38% Tax Hike Beginning in Year 2000 .9 9.6 8.7 8.9 2 25% Benefit Cut Beginning in Year 2000 .3 6.8 6.3 6.4 3 Acclerated Increase in NRA -1.5 6.4 6.2 6.1 4 CPI Indexing of Covered Earnings -1.6 6.1 6.0 5.9 5 Indexing Benefits by CPI Minus 1% -1.5 6.1 6.1 5.9 6 Stabilize Real Per Capita Benefits 6.3 9.1 7.0 8.0 7 Freeze Bend Points in Real Terms -1.2 6.5 6.2 6.2 8 Eliminate Earnings Ceiling -3.1 5.6 8.3 6.8 9 Eliminate Earnings Ceiling w/o Benefit Change -3.0 5.7 8.8 7.0 10 Increase Computation Years from 35 to 40 -2.4 5.9 5.9 5.7 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 9: The Impact of Potential OASI Reforms on Internal Rates of Return Men (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 4.3 1.6 .5 1.0 1 38% Tax Hike Beginning in Year 2000 4.2 1.4 .2 .7 2 25% Benefit Cut Beginning in Year 2000 3.5 .7 -.4 .1 3 Acclerated Increase in NRA 3.7 .7 -.4 .1 4 CPI Indexing of Covered Earnings 4.1 1.4 .3 .8 5 Indexing Benefits by CPI Minus 1% 4.1 1.3 .1 .6 6 Stabilize Real Per Capita Benefits 4.0 1.2 .1 .6 7 Freeze Bend Points in Real Terms 4.3 1.5 .4 .9 8 Eliminate Earnings Ceiling 4.4 1.6 .4 .9 9 Eliminate Earnings Ceiling w/o Benefit Change 4.3 1.6 .1 .8 10 Increase Computation Years from 35 to 40 4.1 1.5 .4 .9 Birth Cohort 1970-74 0 Current Rules 3.7 2.1 .4 1.0 1 38% Tax Hike Beginning in Year 2000 3.0 1.3 -.5 .1 2 25% Benefit Cut Beginning in Year 2000 2.9 1.2 -.5 .1 3 Acclerated Increase in NRA 3.1 1.5 -.3 .4 4 CPI Indexing of Covered Earnings 3.3 1.9 .2 .8 5 Indexing Benefits by CPI Minus 1% 3.4 1.8 .0 .6 6 Stabilize Real Per Capita Benefits 2.2 .6 -1.2 -.5 7 Freeze Bend Points in Real Terms 3.6 1.8 -.1 .6 8 Eliminate Earnings Ceiling 3.8 2.1 -.1 .6 9 Eliminate Earnings Ceiling w/o Benefit Change 3.7 2.1 -.9 .2 10 Increase Computation Years from 35 to 40 3.5 2.0 .3 .9 Birth Cohort 1995-00 0 Current Rules 4.6 2.4 .4 1.3 1 38% Tax Hike Beginning in Year 2000 3.6 1.4 -.6 .3 2 25% Benefit Cut Beginning in Year 2000 3.7 1.4 -.5 .4 3 Acclerated Increase in NRA 4.2 1.8 -.1 .8 4 CPI Indexing of Covered Earnings 4.2 2.1 .3 1.1 5 Indexing Benefits by CPI Minus 1% 4.3 2.0 .1 1.0 6 Stabilize Real Per Capita Benefits .2 -2.1 -4.1 -3.2 7 Freeze Bend Points in Real Terms 4.2 1.8 -.3 .6 8 Eliminate Earnings Ceiling 4.6 2.4 -.1 .8 9 Eliminate Earnings Ceiling w/o Benefit Change 4.6 2.4 -1.0 .4 10 Increase Computation Years from 35 to 40 4.4 2.3 .4 1.2 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 10: The Impact of Potential OASI Reforms on Internal Rates of Return Women (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 5.9 3.0 1.7 3.2 1 38% Tax Hike Beginning in Year 2000 5.8 2.9 1.5 3.0 2 25% Benefit Cut Beginning in Year 2000 5.2 2.3 .9 2.4 3 Acclerated Increase in NRA 5.5 2.6 1.1 2.7 4 CPI Indexing of Covered Earnings 5.7 2.8 1.6 2.9 5 Indexing Benefits by CPI Minus 1% 5.6 2.7 1.3 2.8 6 Stabilize Real Per Capita Benefits 5.6 2.7 1.4 2.8 7 Freeze Bend Points in Real Terms 5.8 3.0 1.6 3.1 8 Eliminate Earnings Ceiling 5.9 3.1 1.5 3.1 9 Eliminate Earnings Ceiling w/o Benefit Change 5.9 3.0 1.1 3.0 10 Increase Computation Years from 35 to 40 5.7 2.9 1.6 3.0 Birth Cohort 1970-74 0 Current Rules 6.3 3.2 1.2 2.8 1 38% Tax Hike Beginning in Year 2000 5.8 2.6 .4 2.1 2 25% Benefit Cut Beginning in Year 2000 5.5 2.5 .3 2.0 3 Acclerated Increase in NRA 5.9 2.8 .7 2.4 4 CPI Indexing of Covered Earnings 6.0 3.0 1.0 2.5 5 Indexing Benefits by CPI Minus 1% 6.0 2.9 .8 2.4 6 Stabilize Real Per Capita Benefits 5.0 1.9 -.2 1.4 7 Freeze Bend Points in Real Terms 6.0 2.9 .7 2.4 8 Eliminate Earnings Ceiling 6.4 3.3 .7 2.4 9 Eliminate Earnings Ceiling w/o Benefit Change 6.3 3.2 -.5 2.1 10 Increase Computation Years from 35 to 40 6.1 3.1 1.1 2.6 Birth Cohort 1995-00 0 Current Rules 6.0 3.2 .9 2.6 1 38% Tax Hike Beginning in Year 2000 5.1 2.4 .0 1.7 2 25% Benefit Cut Beginning in Year 2000 5.2 2.4 .1 1.8 3 Acclerated Increase in NRA 5.6 2.8 .4 2.2 4 CPI Indexing of Covered Earnings 5.7 3.0 .7 2.4 5 Indexing Benefits by CPI Minus 1% 5.7 2.9 .5 2.3 6 Stabilize Real Per Capita Benefits 2.4 -.6 -3.2 -1.3 7 Freeze Bend Points in Real Terms 5.5 2.6 .2 2.0 8 Eliminate Earnings Ceiling 6.1 3.2 .5 2.3 9 Eliminate Earnings Ceiling w/o Benefit Change 6.0 3.2 -.5 2.0 10 Increase Computation Years from 35 to 40 5.8 3.1 .9 2.5 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 11: The Impact of Potential OASI Reforms on Internal Rates of Return White (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 5.7 2.5 .8 2.0 1 38% Tax Hike Beginning in Year 2000 5.7 2.3 .5 1.7 2 25% Benefit Cut Beginning in Year 2000 5.0 1.7 -.1 1.1 3 Acclerated Increase in NRA 5.3 1.9 .0 1.3 4 CPI Indexing of Covered Earnings 5.5 2.3 .6 1.7 5 Indexing Benefits by CPI Minus 1% 5.5 2.1 .4 1.6 6 Stabilize Real Per Capita Benefits 5.4 2.1 .4 1.6 7 Freeze Bend Points in Real Terms 5.7 2.4 .7 1.8 8 Eliminate Earnings Ceiling 5.8 2.5 .6 1.9 9 Eliminate Earnings Ceiling w/o Benefit Change 5.7 2.5 .3 1.8 10 Increase Computation Years from 35 to 40 5.6 2.4 .7 1.8 Birth Cohort 1970-74 0 Current Rules 5.9 2.8 .6 1.8 1 38% Tax Hike Beginning in Year 2000 5.3 2.1 -.3 1.0 2 25% Benefit Cut Beginning in Year 2000 5.1 2.0 -.3 1.0 3 Acclerated Increase in NRA 5.5 2.3 .0 1.3 4 CPI Indexing of Covered Earnings 5.6 2.6 .4 1.6 5 Indexing Benefits by CPI Minus 1% 5.5 2.5 .2 1.5 6 Stabilize Real Per Capita Benefits 4.5 1.4 -.9 .4 7 Freeze Bend Points in Real Terms 5.6 2.5 .1 1.4 8 Eliminate Earnings Ceiling 6.0 2.8 .1 1.5 9 Eliminate Earnings Ceiling w/o Benefit Change 5.9 2.8 -.7 1.1 10 Increase Computation Years from 35 to 40 5.7 2.7 .5 1.7 Birth Cohort 1995-00 0 Current Rules 5.8 2.9 .7 1.9 1 38% Tax Hike Beginning in Year 2000 4.9 2.0 -.3 1.0 2 25% Benefit Cut Beginning in Year 2000 5.0 2.1 -.2 1.1 3 Acclerated Increase in NRA 5.4 2.5 .1 1.5 4 CPI Indexing of Covered Earnings 5.5 2.7 .5 1.7 5 Indexing Benefits by CPI Minus 1% 5.5 2.6 .3 1.6 6 Stabilize Real Per Capita Benefits 2.0 -1.2 -3.7 -2.3 7 Freeze Bend Points in Real Terms 5.3 2.3 -.1 1.3 8 Eliminate Earnings Ceiling 5.8 2.9 .1 1.5 9 Eliminate Earnings Ceiling w/o Benefit Change 5.8 2.9 -.8 1.1 10 Increase Computation Years from 35 to 40 5.6 2.8 .6 1.8 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 12: The Impact of Potential OASI Reforms on Internal Rates of Return Non-White (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 5.7 2.1 1.0 1.9 1 38% Tax Hike Beginning in Year 2000 5.7 1.9 .8 1.7 2 25% Benefit Cut Beginning in Year 2000 5.1 1.3 .2 1.1 3 Acclerated Increase in NRA 5.3 1.6 .2 1.2 4 CPI Indexing of Covered Earnings 5.5 1.8 .8 1.7 5 Indexing Benefits by CPI Minus 1% 5.5 1.7 .6 1.5 6 Stabilize Real Per Capita Benefits 5.4 1.7 .7 1.5 7 Freeze Bend Points in Real Terms 5.7 2.0 .9 1.8 8 Eliminate Earnings Ceiling 5.7 2.1 .9 1.9 9 Eliminate Earnings Ceiling w/o Benefit Change 5.7 2.1 .8 1.8 10 Increase Computation Years from 35 to 40 5.6 2.0 .9 1.8 Birth Cohort 1970-74 0 Current Rules 5.4 2.6 .9 1.9 1 38% Tax Hike Beginning in Year 2000 4.9 1.8 .1 1.1 2 25% Benefit Cut Beginning in Year 2000 4.6 1.7 .0 1.0 3 Acclerated Increase in NRA 5.1 2.1 .3 1.4 4 CPI Indexing of Covered Earnings 5.1 2.3 .7 1.6 5 Indexing Benefits by CPI Minus 1% 5.1 2.2 .5 1.5 6 Stabilize Real Per Capita Benefits 4.2 1.2 -.6 .5 7 Freeze Bend Points in Real Terms 5.2 2.2 .4 1.5 8 Eliminate Earnings Ceiling 5.5 2.6 .4 1.5 9 Eliminate Earnings Ceiling w/o Benefit Change 5.4 2.5 -.6 1.1 10 Increase Computation Years from 35 to 40 5.3 2.5 .8 1.8 Birth Cohort 1995-00 0 Current Rules 5.4 2.3 .3 1.7 1 38% Tax Hike Beginning in Year 2000 4.5 1.4 -.7 .8 2 25% Benefit Cut Beginning in Year 2000 4.6 1.5 -.6 .8 3 Acclerated Increase in NRA 5.0 1.8 -.2 1.2 4 CPI Indexing of Covered Earnings 5.1 2.1 .1 1.4 5 Indexing Benefits by CPI Minus 1% 5.0 2.0 -.1 1.3 6 Stabilize Real Per Capita Benefits 2.0 -1.7 -4.0 -2.4 7 Freeze Bend Points in Real Terms 5.0 1.8 -.4 1.0 8 Eliminate Earnings Ceiling 5.4 2.3 -.2 1.4 9 Eliminate Earnings Ceiling w/o Benefit Change 5.3 2.3 -.9 1.1 10 Increase Computation Years from 35 to 40 5.2 2.2 .3 1.6 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 13: The Impact of Potential OASI Reforms on Internal Rates of Return College (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 6.0 2.8 .8 1.9 1 38% Tax Hike Beginning in Year 2000 5.9 2.7 .5 1.6 2 25% Benefit Cut Beginning in Year 2000 5.3 2.1 -.1 1.0 3 Acclerated Increase in NRA 5.6 2.3 -.1 1.2 4 CPI Indexing of Covered Earnings 5.8 2.6 .6 1.6 5 Indexing Benefits by CPI Minus 1% 5.7 2.5 .4 1.5 6 Stabilize Real Per Capita Benefits 5.7 2.5 .4 1.5 7 Freeze Bend Points in Real Terms 5.9 2.7 .7 1.7 8 Eliminate Earnings Ceiling 6.0 2.8 .6 1.7 9 Eliminate Earnings Ceiling w/o Benefit Change 6.0 2.8 .3 1.6 10 Increase Computation Years from 35 to 40 5.9 2.7 .7 1.8 Birth Cohort 1970-74 0 Current Rules 5.9 3.0 .6 1.8 1 38% Tax Hike Beginning in Year 2000 5.4 2.3 -.3 1.0 2 25% Benefit Cut Beginning in Year 2000 5.2 2.2 -.3 .9 3 Acclerated Increase in NRA 5.6 2.5 .0 1.3 4 CPI Indexing of Covered Earnings 5.7 2.8 .4 1.5 5 Indexing Benefits by CPI Minus 1% 5.6 2.6 .1 1.4 6 Stabilize Real Per Capita Benefits 4.6 1.6 -.9 .3 7 Freeze Bend Points in Real Terms 5.7 2.6 .1 1.4 8 Eliminate Earnings Ceiling 6.1 3.0 .1 1.3 9 Eliminate Earnings Ceiling w/o Benefit Change 5.9 3.0 -1.0 .8 10 Increase Computation Years from 35 to 40 5.8 2.9 .5 1.7 Birth Cohort 1995-00 0 Current Rules 6.1 2.9 .7 1.9 1 38% Tax Hike Beginning in Year 2000 5.2 1.9 -.3 .9 2 25% Benefit Cut Beginning in Year 2000 5.3 2.0 -.2 1.0 3 Acclerated Increase in NRA 5.7 2.4 .1 1.4 4 CPI Indexing of Covered Earnings 5.8 2.6 .5 1.6 5 Indexing Benefits by CPI Minus 1% 5.8 2.5 .3 1.5 6 Stabilize Real Per Capita Benefits 2.5 -1.2 -3.7 -2.3 7 Freeze Bend Points in Real Terms 5.6 2.3 -.1 1.2 8 Eliminate Earnings Ceiling 6.1 2.9 .1 1.3 9 Eliminate Earnings Ceiling w/o Benefit Change 6.0 2.8 -1.0 .8 10 Increase Computation Years from 35 to 40 5.9 2.7 .6 1.8 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 14: The Impact of Potential OASI Reforms on Internal Rates of Return Non-College (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 5.7 2.3 .9 2.0 1 38% Tax Hike Beginning in Year 2000 5.6 2.1 .5 1.8 2 25% Benefit Cut Beginning in Year 2000 5.0 1.5 -.1 1.1 3 Acclerated Increase in NRA 5.2 1.7 .0 1.3 4 CPI Indexing of Covered Earnings 5.5 2.0 .7 1.8 5 Indexing Benefits by CPI Minus 1% 5.4 2.0 .5 1.6 6 Stabilize Real Per Capita Benefits 5.3 1.9 .5 1.6 7 Freeze Bend Points in Real Terms 5.6 2.2 .7 1.9 8 Eliminate Earnings Ceiling 5.7 2.3 .7 1.9 9 Eliminate Earnings Ceiling w/o Benefit Change 5.7 2.3 .5 1.9 10 Increase Computation Years from 35 to 40 5.5 2.2 .8 1.9 Birth Cohort 1970-74 0 Current Rules 5.7 2.6 .7 1.9 1 38% Tax Hike Beginning in Year 2000 5.1 1.8 -.1 1.1 2 25% Benefit Cut Beginning in Year 2000 4.9 1.8 -.2 1.1 3 Acclerated Increase in NRA 5.3 2.1 .1 1.4 4 CPI Indexing of Covered Earnings 5.4 2.3 .5 1.7 5 Indexing Benefits by CPI Minus 1% 5.4 2.2 .3 1.5 6 Stabilize Real Per Capita Benefits 4.4 1.2 -.8 .5 7 Freeze Bend Points in Real Terms 5.4 2.2 .3 1.5 8 Eliminate Earnings Ceiling 5.8 2.6 .4 1.7 9 Eliminate Earnings Ceiling w/o Benefit Change 5.7 2.6 -.4 1.4 10 Increase Computation Years from 35 to 40 5.5 2.5 .6 1.8 Birth Cohort 1995-00 0 Current Rules 5.4 2.8 .5 1.9 1 38% Tax Hike Beginning in Year 2000 4.6 1.8 -.5 1.0 2 25% Benefit Cut Beginning in Year 2000 4.6 1.9 -.4 1.1 3 Acclerated Increase in NRA 5.1 2.3 -.1 1.5 4 CPI Indexing of Covered Earnings 5.2 2.5 .3 1.7 5 Indexing Benefits by CPI Minus 1% 5.1 2.4 .1 1.6 6 Stabilize Real Per Capita Benefits 1.6 -1.4 -3.9 -2.3 7 Freeze Bend Points in Real Terms 5.0 2.2 -.3 1.3 8 Eliminate Earnings Ceiling 5.5 2.8 .1 1.7 9 Eliminate Earnings Ceiling w/o Benefit Change 5.4 2.8 -.5 1.5 10 Increase Computation Years from 35 to 40 5.3 2.7 .5 1.8 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 15: The Impact of Potential OASI Reforms on Internal Rates of Return White, College-Educated Men (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 4.5 1.7 .5 .9 1 38% Tax Hike Beginning in Year 2000 4.1 1.5 .1 .6 2 25% Benefit Cut Beginning in Year 2000 3.4 .8 -.5 .0 3 Acclerated Increase in NRA 3.7 .8 -.5 .0 4 CPI Indexing of Covered Earnings 4.1 1.5 .3 .7 5 Indexing Benefits by CPI Minus 1% 4.1 1.4 .1 .5 6 Stabilize Real Per Capita Benefits 4.0 1.3 .1 .5 7 Freeze Bend Points in Real Terms 4.4 1.6 .3 .8 8 Eliminate Earnings Ceiling 4.5 1.7 .2 .7 9 Eliminate Earnings Ceiling w/o Benefit Change 4.5 1.7 -.1 .5 10 Increase Computation Years from 35 to 40 4.1 1.6 .4 .8 Birth Cohort 1970-74 0 Current Rules 3.9 2.2 .2 .8 1 38% Tax Hike Beginning in Year 2000 3.0 1.3 -.7 -.1 2 25% Benefit Cut Beginning in Year 2000 3.0 1.3 -.7 -.1 3 Acclerated Increase in NRA 3.2 1.5 -.4 .2 4 CPI Indexing of Covered Earnings 3.4 1.9 .0 .6 5 Indexing Benefits by CPI Minus 1% 3.6 1.8 -.2 .4 6 Stabilize Real Per Capita Benefits 2.3 .6 -1.3 -.7 7 Freeze Bend Points in Real Terms 3.7 1.8 -.2 .4 8 Eliminate Earnings Ceiling 4.0 2.2 -.4 .3 9 Eliminate Earnings Ceiling w/o Benefit Change 3.9 2.2 -1.3 -.2 10 Increase Computation Years from 35 to 40 3.6 2.1 .2 .7 Birth Cohort 1995-00 0 Current Rules 5.1 2.5 .6 1.3 1 38% Tax Hike Beginning in Year 2000 4.1 1.5 -.5 .3 2 25% Benefit Cut Beginning in Year 2000 4.2 1.6 -.4 .4 3 Acclerated Increase in NRA 4.8 2.0 .0 .8 4 CPI Indexing of Covered Earnings 4.7 2.3 .4 1.1 5 Indexing Benefits by CPI Minus 1% 4.8 2.2 .2 1.0 6 Stabilize Real Per Capita Benefits .6 -2.1 -4.0 -3.2 7 Freeze Bend Points in Real Terms 4.7 1.9 -.2 .6 8 Eliminate Earnings Ceiling 5.1 2.5 -.1 .7 9 Eliminate Earnings Ceiling w/o Benefit Change 5.1 2.5 -1.2 .1 10 Increase Computation Years from 35 to 40 4.8 2.4 .5 1.3 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 16: The Impact of Potential OASI Reforms on Internal Rates of Return Non-White, Non-College-Educated Women (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 5.9 2.5 1.7 2.6 1 38% Tax Hike Beginning in Year 2000 5.9 2.3 1.4 2.4 2 25% Benefit Cut Beginning in Year 2000 5.2 1.7 .8 1.8 3 Acclerated Increase in NRA 5.5 2.0 .9 2.0 4 CPI Indexing of Covered Earnings 5.7 2.3 1.5 2.4 5 Indexing Benefits by CPI Minus 1% 5.6 2.1 1.3 2.3 6 Stabilize Real Per Capita Benefits 5.6 2.2 1.3 2.2 7 Freeze Bend Points in Real Terms 5.8 2.4 1.6 2.5 8 Eliminate Earnings Ceiling 5.9 2.5 1.4 2.6 9 Eliminate Earnings Ceiling w/o Benefit Change 5.9 2.5 1.0 2.5 10 Increase Computation Years from 35 to 40 5.8 2.4 1.6 2.5 Birth Cohort 1970-74 0 Current Rules 6.8 2.8 1.1 2.5 1 38% Tax Hike Beginning in Year 2000 6.2 2.1 .3 1.8 2 25% Benefit Cut Beginning in Year 2000 5.9 2.0 .2 1.7 3 Acclerated Increase in NRA 6.5 2.4 .5 2.1 4 CPI Indexing of Covered Earnings 6.5 2.6 .9 2.3 5 Indexing Benefits by CPI Minus 1% 6.4 2.4 .6 2.1 6 Stabilize Real Per Capita Benefits 5.5 1.6 -.3 1.2 7 Freeze Bend Points in Real Terms 6.6 2.5 .7 2.2 8 Eliminate Earnings Ceiling 6.8 2.9 .5 2.3 9 Eliminate Earnings Ceiling w/o Benefit Change 6.8 2.8 -.5 2.0 10 Increase Computation Years from 35 to 40 6.6 2.7 1.0 2.4 Birth Cohort 1995-00 0 Current Rules 5.7 2.7 .4 2.2 1 38% Tax Hike Beginning in Year 2000 4.8 1.8 -.6 1.2 2 25% Benefit Cut Beginning in Year 2000 4.9 1.9 -.5 1.3 3 Acclerated Increase in NRA 5.4 2.3 -.1 1.7 4 CPI Indexing of Covered Earnings 5.4 2.5 .2 1.9 5 Indexing Benefits by CPI Minus 1% 5.4 2.4 .0 1.8 6 Stabilize Real Per Capita Benefits 2.3 -1.3 -3.9 -1.9 7 Freeze Bend Points in Real Terms 5.3 2.1 -.3 1.5 8 Eliminate Earnings Ceiling 5.7 2.8 .0 1.8 9 Eliminate Earnings Ceiling w/o Benefit Change 5.7 2.7 -.9 1.6 10 Increase Computation Years from 35 to 40 5.6 2.6 .4 2.1 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 17: The Impact of Potential OASI Reforms on Implicit Wealth Tax Rates Men (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 20.6 69.4 77.4 74.5 1 38% Tax Hike Beginning in Year 2000 25.0 70.4 78.4 75.5 2 25% Benefit Cut Beginning in Year 2000 40.7 77.3 83.1 81.0 3 Acclerated Increase in NRA 37.0 77.3 83.3 81.1 4 CPI Indexing of Covered Earnings 26.9 72.0 78.8 76.5 5 Indexing Benefits by CPI Minus 1% 27.8 72.0 79.5 76.8 6 Stabilize Real Per Capita Benefits 30.1 73.1 80.1 77.6 7 Freeze Bend Points in Real Terms 23.0 70.4 78.4 75.5 8 Eliminate Earnings Ceiling 19.3 69.3 77.3 74.5 9 Eliminate Earnings Ceiling w/o Benefit Change 20.6 69.4 78.6 75.3 10 Increase Computation Years from 35 to 40 26.9 70.4 78.0 75.3 Birth Cohort 1970-74 0 Current Rules 36.1 62.1 79.5 74.1 1 38% Tax Hike Beginning in Year 2000 48.9 70.5 83.9 79.7 2 25% Benefit Cut Beginning in Year 2000 52.1 71.9 84.6 80.7 3 Acclerated Increase in NRA 48.1 69.7 83.4 79.2 4 CPI Indexing of Covered Earnings 43.9 65.2 80.7 76.1 5 Indexing Benefits by CPI Minus 1% 41.7 65.6 81.5 76.6 6 Stabilize Real Per Capita Benefits 61.4 77.5 87.6 84.4 7 Freeze Bend Points in Real Terms 38.9 66.5 82.3 77.5 8 Eliminate Earnings Ceiling 34.4 61.9 81.2 76.3 9 Eliminate Earnings Ceiling w/o Benefit Change 36.1 62.2 85.1 79.0 10 Increase Computation Years from 35 to 40 41.2 63.5 79.8 74.9 Birth Cohort 1995-00 0 Current Rules 13.2 58.1 78.0 70.6 1 38% Tax Hike Beginning in Year 2000 37.0 69.6 84.0 78.6 2 25% Benefit Cut Beginning in Year 2000 35.0 69.0 83.5 78.0 3 Acclerated Increase in NRA 24.6 64.8 81.6 75.2 4 CPI Indexing of Covered Earnings 23.6 61.6 79.3 72.8 5 Indexing Benefits by CPI Minus 1% 20.5 61.7 80.0 73.2 6 Stabilize Real Per Capita Benefits 79.1 90.0 94.5 92.8 7 Freeze Bend Points in Real Terms 22.7 65.7 82.8 76.8 8 Eliminate Earnings Ceiling 12.6 58.2 80.6 73.9 9 Eliminate Earnings Ceiling w/o Benefit Change 13.2 58.2 85.0 77.0 10 Increase Computation Years from 35 to 40 19.6 59.6 78.4 71.4 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 18: The Impact of Potential OASI Reforms on Implicit Wealth Tax Rates Women (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules -43.1 53.2 67.8 49.8 1 38% Tax Hike Beginning in Year 2000 -39.7 54.6 69.4 51.6 2 25% Benefit Cut Beginning in Year 2000 -7.4 65.1 75.8 62.4 3 Acclerated Increase in NRA -21.2 61.1 74.4 58.7 4 CPI Indexing of Covered Earnings -31.9 56.8 69.7 53.6 5 Indexing Benefits by CPI Minus 1% -27.6 58.2 71.2 55.1 6 Stabilize Real Per Capita Benefits -26.2 58.8 71.6 55.8 7 Freeze Bend Points in Real Terms -38.9 54.8 69.2 51.6 8 Eliminate Earnings Ceiling -44.9 53.0 67.5 50.0 9 Eliminate Earnings Ceiling w/o Benefit Change -43.1 53.3 71.1 51.4 10 Increase Computation Years from 35 to 40 -36.7 55.2 68.9 52.0 Birth Cohort 1970-74 0 Current Rules -61.3 49.4 75.2 57.0 1 38% Tax Hike Beginning in Year 2000 -32.2 59.1 80.3 65.5 2 25% Benefit Cut Beginning in Year 2000 -20.7 62.2 81.4 67.9 3 Acclerated Increase in NRA -41.4 56.8 79.2 63.3 4 CPI Indexing of Covered Earnings -47.5 53.7 76.9 60.8 5 Indexing Benefits by CPI Minus 1% -42.9 54.8 77.9 61.8 6 Stabilize Real Per Capita Benefits 1.2 69.3 84.9 73.9 7 Freeze Bend Points in Real Terms -45.9 55.5 78.6 62.2 8 Eliminate Earnings Ceiling -69.1 48.4 76.5 60.3 9 Eliminate Earnings Ceiling w/o Benefit Change -61.2 49.5 83.9 64.9 10 Increase Computation Years from 35 to 40 -52.4 51.4 75.8 58.8 Birth Cohort 1995-00 0 Current Rules -44.7 48.9 76.3 58.1 1 38% Tax Hike Beginning in Year 2000 -5.0 62.9 82.8 69.6 2 25% Benefit Cut Beginning in Year 2000 -8.3 61.9 82.3 68.7 3 Acclerated Increase in NRA -26.5 56.3 80.2 64.3 4 CPI Indexing of Covered Earnings -31.8 53.2 78.0 61.8 5 Indexing Benefits by CPI Minus 1% -28.7 54.1 78.8 62.5 6 Stabilize Real Per Capita Benefits 62.6 87.5 94.0 89.5 7 Freeze Bend Points in Real Terms -20.7 59.0 81.5 66.6 8 Eliminate Earnings Ceiling -49.8 48.5 78.2 61.9 9 Eliminate Earnings Ceiling w/o Benefit Change -44.6 49.1 84.4 65.7 10 Increase Computation Years from 35 to 40 -36.9 51.1 76.9 59.8 ____________________________________________________________________________ Source: Author's calculations. 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 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 20: The Impact of Potential OASI Reforms on Implicit Wealth Tax Rates Non-White (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules -37.4 65.8 74.7 67.1 1 38% Tax Hike Beginning in Year 2000 -34.8 66.8 75.8 68.2 2 25% Benefit Cut Beginning in Year 2000 -2.6 74.6 81.1 75.4 3 Acclerated Increase in NRA -15.8 72.2 80.8 74.1 4 CPI Indexing of Covered Earnings -24.3 68.6 76.3 69.7 5 Indexing Benefits by CPI Minus 1% -22.2 69.3 77.1 70.3 6 Stabilize Real Per Capita Benefits -20.8 69.9 77.7 71.1 7 Freeze Bend Points in Real Terms -33.4 66.8 75.8 68.3 8 Eliminate Earnings Ceiling -37.5 65.8 74.5 67.1 9 Eliminate Earnings Ceiling w/o Benefit Change -37.4 65.8 75.8 67.6 10 Increase Computation Years from 35 to 40 -30.6 67.1 75.4 68.4 Birth Cohort 1970-74 0 Current Rules -16.7 58.7 76.6 67.5 1 38% Tax Hike Beginning in Year 2000 3.9 67.5 81.5 74.3 2 25% Benefit Cut Beginning in Year 2000 12.5 69.4 82.5 75.7 3 Acclerated Increase in NRA -3.3 65.6 80.8 72.9 4 CPI Indexing of Covered Earnings -5.4 62.4 78.1 70.2 5 Indexing Benefits by CPI Minus 1% -2.5 63.1 79.0 70.9 6 Stabilize Real Per Capita Benefits 26.7 75.0 85.7 80.2 7 Freeze Bend Points in Real Terms -8.5 63.5 79.8 71.4 8 Eliminate Earnings Ceiling -19.0 57.8 78.1 69.8 9 Eliminate Earnings Ceiling w/o Benefit Change -16.7 58.8 84.1 73.5 10 Increase Computation Years from 35 to 40 -11.0 60.3 77.1 68.6 Birth Cohort 1995-00 0 Current Rules -14.3 60.6 79.5 68.3 1 38% Tax Hike Beginning in Year 2000 17.1 71.5 85.1 77.0 2 25% Benefit Cut Beginning in Year 2000 14.4 70.7 84.6 76.4 3 Acclerated Increase in NRA .3 67.4 82.9 73.6 4 CPI Indexing of Covered Earnings -2.0 64.0 80.8 71.0 5 Indexing Benefits by CPI Minus 1% -1.2 64.2 81.5 71.5 6 Stabilize Real Per Capita Benefits 67.6 90.3 94.8 92.0 7 Freeze Bend Points in Real Terms 1.7 67.9 83.9 74.8 8 Eliminate Earnings Ceiling -16.4 60.5 81.5 71.1 9 Eliminate Earnings Ceiling w/o Benefit Change -14.1 60.7 85.2 73.2 10 Increase Computation Years from 35 to 40 -8.2 62.1 79.8 69.4 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 21: The Impact of Potential OASI Reforms on Implicit Wealth Tax Rates College (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules -51.2 56.0 76.2 67.5 1 38% Tax Hike Beginning in Year 2000 -47.8 57.5 77.3 68.8 2 25% Benefit Cut Beginning in Year 2000 -12.8 67.2 82.2 75.7 3 Acclerated Increase in NRA -26.9 64.4 82.2 74.7 4 CPI Indexing of Covered Earnings -40.0 59.4 77.7 69.8 5 Indexing Benefits by CPI Minus 1% -34.6 60.6 78.5 70.7 6 Stabilize Real Per Capita Benefits -33.4 61.3 79.0 71.4 7 Freeze Bend Points in Real Terms -46.5 57.6 77.3 68.7 8 Eliminate Earnings Ceiling -55.2 55.8 75.8 67.5 9 Eliminate Earnings Ceiling w/o Benefit Change -51.2 56.1 78.0 69.0 10 Increase Computation Years from 35 to 40 -44.7 57.8 76.9 68.7 Birth Cohort 1970-74 0 Current Rules -42.2 52.6 78.6 68.5 1 38% Tax Hike Beginning in Year 2000 -16.7 62.3 83.2 75.2 2 25% Benefit Cut Beginning in Year 2000 -6.5 64.7 84.0 76.5 3 Acclerated Increase in NRA -23.7 60.6 82.4 73.9 4 CPI Indexing of Covered Earnings -30.0 56.6 80.0 71.1 5 Indexing Benefits by CPI Minus 1% -25.9 57.5 80.7 71.8 6 Stabilize Real Per Capita Benefits 13.1 71.5 87.0 81.0 7 Freeze Bend Points in Real Terms -29.4 58.3 81.5 72.5 8 Eliminate Earnings Ceiling -53.1 51.7 80.2 71.6 9 Eliminate Earnings Ceiling w/o Benefit Change -42.2 52.7 85.9 75.8 10 Increase Computation Years from 35 to 40 -32.9 54.4 79.0 69.6 Birth Cohort 1995-00 0 Current Rules -49.5 53.4 77.0 66.4 1 38% Tax Hike Beginning in Year 2000 -8.4 66.2 83.3 75.6 2 25% Benefit Cut Beginning in Year 2000 -11.9 65.4 82.8 74.9 3 Acclerated Increase in NRA -31.2 60.5 80.6 71.5 4 CPI Indexing of Covered Earnings -35.8 57.3 78.5 69.1 5 Indexing Benefits by CPI Minus 1% -33.4 57.8 79.2 69.7 6 Stabilize Real Per Capita Benefits 61.9 88.7 94.3 91.7 7 Freeze Bend Points in Real Terms -25.5 62.2 82.0 73.4 8 Eliminate Earnings Ceiling -54.7 53.2 79.8 70.8 9 Eliminate Earnings Ceiling w/o Benefit Change -49.3 53.6 85.5 75.0 10 Increase Computation Years from 35 to 40 -41.4 55.3 77.4 67.5 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 22: The Impact of Potential OASI Reforms on Implicit Wealth Tax Rates Non-College (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules -30.7 63.3 75.0 65.6 1 38% Tax Hike Beginning in Year 2000 -27.0 64.4 76.2 66.9 2 25% Benefit Cut Beginning in Year 2000 1.7 72.7 81.3 74.3 3 Acclerated Increase in NRA -10.4 71.0 81.1 73.0 4 CPI Indexing of Covered Earnings -20.4 66.3 76.5 68.2 5 Indexing Benefits by CPI Minus 1% -16.9 66.8 77.5 68.9 6 Stabilize Real Per Capita Benefits -15.4 67.6 78.0 69.7 7 Freeze Bend Points in Real Terms -27.0 64.5 76.1 66.8 8 Eliminate Earnings Ceiling -31.8 63.1 74.9 65.6 9 Eliminate Earnings Ceiling w/o Benefit Change -30.7 63.3 76.3 66.3 10 Increase Computation Years from 35 to 40 -24.5 64.7 75.8 66.9 Birth Cohort 1970-74 0 Current Rules -29.1 57.9 77.7 66.6 1 38% Tax Hike Beginning in Year 2000 -4.6 66.6 82.4 73.6 2 25% Benefit Cut Beginning in Year 2000 3.4 68.7 83.3 75.1 3 Acclerated Increase in NRA -11.9 65.1 81.8 72.3 4 CPI Indexing of Covered Earnings -17.0 61.5 79.1 69.3 5 Indexing Benefits by CPI Minus 1% -15.1 62.1 80.0 70.0 6 Stabilize Real Per Capita Benefits 21.1 74.7 86.5 79.8 7 Freeze Bend Points in Real Terms -17.8 62.8 80.8 70.7 8 Eliminate Earnings Ceiling -32.6 57.6 79.0 68.6 9 Eliminate Earnings Ceiling w/o Benefit Change -29.0 57.9 83.2 71.1 10 Increase Computation Years from 35 to 40 -22.1 59.5 78.1 67.7 Birth Cohort 1995-00 0 Current Rules -17.3 54.1 78.1 65.2 1 38% Tax Hike Beginning in Year 2000 14.9 66.7 84.1 74.8 2 25% Benefit Cut Beginning in Year 2000 12.2 65.9 83.6 74.0 3 Acclerated Increase in NRA -2.0 61.0 81.8 70.7 4 CPI Indexing of Covered Earnings -5.9 58.0 79.5 68.1 5 Indexing Benefits by CPI Minus 1% -5.0 58.4 80.3 68.6 6 Stabilize Real Per Capita Benefits 70.0 88.9 94.6 91.4 7 Freeze Bend Points in Real Terms .5 62.8 82.9 72.4 8 Eliminate Earnings Ceiling -20.4 54.0 80.0 67.8 9 Eliminate Earnings Ceiling w/o Benefit Change -17.3 54.2 83.6 70.0 10 Increase Computation Years from 35 to 40 -10.3 55.9 78.5 66.4 ____________________________________________________________________________ Source: Author's calculations. 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 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 24: The Impact of Potential OASI Reforms on Implicit Wealth Tax Rates Non-White, Non-College-Educated Women (r=5%) Quintile of Lifetime Earnings: Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules -45.2 60.0 66.2 56.4 1 38% Tax Hike Beginning in Year 2000 -42.6 61.3 67.7 58.0 2 25% Benefit Cut Beginning in Year 2000 -8.3 70.3 74.7 67.4 3 Acclerated Increase in NRA -23.1 66.6 73.7 64.6 4 CPI Indexing of Covered Earnings -31.4 63.1 68.2 59.9 5 Indexing Benefits by CPI Minus 1% -28.8 64.6 69.3 60.7 6 Stabilize Real Per Capita Benefits -27.7 64.8 70.0 61.6 7 Freeze Bend Points in Real Terms -41.3 61.2 67.6 57.8 8 Eliminate Earnings Ceiling -45.3 60.0 66.3 56.6 9 Eliminate Earnings Ceiling w/o Benefit Change -45.2 60.0 70.0 57.3 10 Increase Computation Years from 35 to 40 -38.1 61.6 67.4 58.1 Birth Cohort 1970-74 0 Current Rules -84.0 54.5 75.3 59.4 1 38% Tax Hike Beginning in Year 2000 -50.2 64.3 80.5 67.9 2 25% Benefit Cut Beginning in Year 2000 -37.9 66.4 81.5 69.8 3 Acclerated Increase in NRA -66.5 61.3 79.6 65.5 4 CPI Indexing of Covered Earnings -67.4 58.5 76.8 62.8 5 Indexing Benefits by CPI Minus 1% -59.2 60.1 78.1 64.1 6 Stabilize Real Per Capita Benefits -17.7 71.9 84.8 75.0 7 Freeze Bend Points in Real Terms -71.5 59.5 78.7 64.1 8 Eliminate Earnings Ceiling -84.5 53.0 76.4 61.2 9 Eliminate Earnings Ceiling w/o Benefit Change -84.0 54.5 82.4 64.4 10 Increase Computation Years from 35 to 40 -75.4 56.2 75.7 60.8 Birth Cohort 1995-00 0 Current Rules -29.6 55.6 79.4 63.0 1 38% Tax Hike Beginning in Year 2000 6.0 67.8 85.0 73.2 2 25% Benefit Cut Beginning in Year 2000 2.9 67.0 84.5 72.4 3 Acclerated Increase in NRA -14.5 62.4 82.8 68.8 4 CPI Indexing of Covered Earnings -15.9 59.6 80.5 66.3 5 Indexing Benefits by CPI Minus 1% -14.4 59.9 81.6 67.0 6 Stabilize Real Per Capita Benefits 61.4 89.1 94.8 90.5 7 Freeze Bend Points in Real Terms -11.8 64.0 83.7 70.3 8 Eliminate Earnings Ceiling -29.7 55.1 80.6 65.9 9 Eliminate Earnings Ceiling w/o Benefit Change -29.2 55.6 85.1 68.3 10 Increase Computation Years from 35 to 40 -23.2 57.3 79.7 64.3 ____________________________________________________________________________ Source: Author's calculations. Appendix Table 25: The Impact of Potential OASI Reforms on Average Benefits Men (r=5%) Quintile of Average Benefits Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 3640. 8611. 17365. 10934. 1 38% Tax Hike Beginning in Year 2000 3640. 8611. 17365. 10934. 2 25% Benefit Cut Beginning in Year 2000 2733. 6479. 13087. 8291. 3 Acclerated Increase in NRA 2819. 6925. 13548. 8277. 4 CPI Indexing of Covered Earnings 3266. 7874. 16388. 10188. 5 Indexing Benefits by CPI Minus 1% 3252. 7677. 15521. 9886. 6 Stabilize Real Per Capita Benefits 3247. 7636. 15387. 9734. 7 Freeze Bend Points in Real Terms 3524. 8351. 16660. 10534. 8 Eliminate Earnings Ceiling 3640. 8649. 18803. 11335. 9 Eliminate Earnings Ceiling w/o Benefit Change 3640. 8611. 17365. 10934. 10 Increase Computation Years from 35 to 40 3404. 8297. 16897. 10598. Birth Cohort 1970-74 0 Current Rules 3789. 9327. 20397. 11958. 1 38% Tax Hike Beginning in Year 2000 3789. 9327. 20397. 11958. 2 25% Benefit Cut Beginning in Year 2000 2839. 7131. 15330. 9024. 3 Acclerated Increase in NRA 3102. 7878. 16951. 9736. 4 CPI Indexing of Covered Earnings 3225. 8522. 19146. 11106. 5 Indexing Benefits by CPI Minus 1% 3264. 8270. 18162. 10738. 6 Stabilize Real Per Capita Benefits 2281. 5807. 12435. 7319. 7 Freeze Bend Points in Real Terms 3432. 8391. 17688. 10460. 8 Eliminate Earnings Ceiling 3783. 9424. 27011. 13627. 9 Eliminate Earnings Ceiling w/o Benefit Change 3789. 9327. 20397. 11958. 10 Increase Computation Years from 35 to 40 3523. 8949. 20074. 11652. Birth Cohort 1995-00 0 Current Rules 4978. 12286. 27581. 16313. 1 38% Tax Hike Beginning in Year 2000 4978. 12286. 27581. 16313. 2 25% Benefit Cut Beginning in Year 2000 3721. 9372. 20723. 12282. 3 Acclerated Increase in NRA 4055. 10509. 24177. 13769. 4 CPI Indexing of Covered Earnings 4354. 11262. 25858. 15136. 5 Indexing Benefits by CPI Minus 1% 4390. 10906. 24725. 14712. 6 Stabilize Real Per Capita Benefits 1209. 3159. 7068. 4129. 7 Freeze Bend Points in Real Terms 4089. 10229. 21824. 12963. 8 Eliminate Earnings Ceiling 4977. 12411. 36697. 18632. 9 Eliminate Earnings Ceiling w/o Benefit Change 4978. 12286. 27581. 16313. 10 Increase Computation Years from 35 to 40 4623. 11834. 27074. 15881. ____________________________________________________________________________ Source: Author's calculations. Appendix Table 26: The Impact of Potential OASI Reforms on Average Benefits Women (r=5%) Quintile of Average Benefits Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 3877. 8614. 16890. 8433. 1 38% Tax Hike Beginning in Year 2000 3877. 8614. 16890. 8433. 2 25% Benefit Cut Beginning in Year 2000 2911. 6552. 12735. 6352. 3 Acclerated Increase in NRA 2892. 6838. 13875. 7033. 4 CPI Indexing of Covered Earnings 3514. 7891. 15965. 7807. 5 Indexing Benefits by CPI Minus 1% 3502. 7683. 15134. 7427. 6 Stabilize Real Per Capita Benefits 3420. 7651. 14958. 7459. 7 Freeze Bend Points in Real Terms 3758. 8377. 16179. 8142. 8 Eliminate Earnings Ceiling 3878. 8652. 18608. 8708. 9 Eliminate Earnings Ceiling w/o Benefit Change 3877. 8614. 16890. 8433. 10 Increase Computation Years from 35 to 40 3669. 8261. 16429. 8089. Birth Cohort 1970-74 0 Current Rules 3740. 9302. 20156. 9690. 1 38% Tax Hike Beginning in Year 2000 3740. 9302. 20156. 9690. 2 25% Benefit Cut Beginning in Year 2000 2825. 6998. 15159. 7294. 3 Acclerated Increase in NRA 3017. 7703. 17539. 8360. 4 CPI Indexing of Covered Earnings 3314. 8491. 19054. 8881. 5 Indexing Benefits by CPI Minus 1% 3408. 8216. 17757. 8469. 6 Stabilize Real Per Capita Benefits 2291. 5724. 12383. 5962. 7 Freeze Bend Points in Real Terms 3398. 8327. 17467. 8543. 8 Eliminate Earnings Ceiling 3743. 9399. 28031. 11034. 9 Eliminate Earnings Ceiling w/o Benefit Change 3740. 9302. 20156. 9690. 10 Increase Computation Years from 35 to 40 3505. 8949. 19808. 9326. Birth Cohort 1995-00 0 Current Rules 4892. 12154. 25461. 12108. 1 38% Tax Hike Beginning in Year 2000 4892. 12154. 25461. 12108. 2 25% Benefit Cut Beginning in Year 2000 3673. 9167. 19129. 9107. 3 Acclerated Increase in NRA 3971. 10193. 22383. 10417. 4 CPI Indexing of Covered Earnings 4301. 11102. 23914. 11092. 5 Indexing Benefits by CPI Minus 1% 4406. 10801. 22551. 10638. 6 Stabilize Real Per Capita Benefits 1219. 3129. 6606. 3116. 7 Freeze Bend Points in Real Terms 4072. 10008. 20112. 9692. 8 Eliminate Earnings Ceiling 4896. 12308. 34217. 13586. 9 Eliminate Earnings Ceiling w/o Benefit Change 4892. 12154. 25461. 12108. 10 Increase Computation Years from 35 to 40 4593. 11667. 24988. 11647. ____________________________________________________________________________ Source: Author's calculations. Appendix Table 27: The Impact of Potential OASI Reforms on Average Benefits White (r=5%) Quintile of Average Benefits Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 3820. 8605. 17247. 9651. 1 38% Tax Hike Beginning in Year 2000 3820. 8605. 17247. 9651. 2 25% Benefit Cut Beginning in Year 2000 2866. 6521. 12994. 7292. 3 Acclerated Increase in NRA 2871. 6891. 13704. 7642. 4 CPI Indexing of Covered Earnings 3458. 7882. 16282. 8973. 5 Indexing Benefits by CPI Minus 1% 3440. 7674. 15447. 8620. 6 Stabilize Real Per Capita Benefits 3381. 7640. 15288. 8566. 7 Freeze Bend Points in Real Terms 3701. 8358. 16540. 9306. 8 Eliminate Earnings Ceiling 3820. 8651. 18807. 10006. 9 Eliminate Earnings Ceiling w/o Benefit Change 3820. 8605. 17247. 9651. 10 Increase Computation Years from 35 to 40 3610. 8270. 16785. 9312. Birth Cohort 1970-74 0 Current Rules 3750. 9338. 20323. 10820. 1 38% Tax Hike Beginning in Year 2000 3750. 9338. 20323. 10820. 2 25% Benefit Cut Beginning in Year 2000 2816. 7070. 15286. 8154. 3 Acclerated Increase in NRA 3031. 7795. 17227. 9058. 4 CPI Indexing of Covered Earnings 3273. 8532. 19126. 9995. 5 Indexing Benefits by CPI Minus 1% 3347. 8245. 18012. 9593. 6 Stabilize Real Per Capita Benefits 2271. 5761. 12415. 6635. 7 Freeze Bend Points in Real Terms 3400. 8371. 17604. 9496. 8 Eliminate Earnings Ceiling 3753. 9427. 27263. 12315. 9 Eliminate Earnings Ceiling w/o Benefit Change 3750. 9338. 20323. 10820. 10 Increase Computation Years from 35 to 40 3508. 8970. 19988. 10484. Birth Cohort 1995-00 0 Current Rules 4958. 12227. 27119. 14507. 1 38% Tax Hike Beginning in Year 2000 4958. 12227. 27119. 14507. 2 25% Benefit Cut Beginning in Year 2000 3718. 9280. 20384. 10917. 3 Acclerated Increase in NRA 4020. 10375. 23792. 12388. 4 CPI Indexing of Covered Earnings 4378. 11195. 25425. 13396. 5 Indexing Benefits by CPI Minus 1% 4432. 10876. 24256. 12933. 6 Stabilize Real Per Capita Benefits 1225. 3139. 6972. 3689. 7 Freeze Bend Points in Real Terms 4098. 10117. 21427. 11558. 8 Eliminate Earnings Ceiling 4964. 12380. 36285. 16579. 9 Eliminate Earnings Ceiling w/o Benefit Change 4958. 12227. 27119. 14507. 10 Increase Computation Years from 35 to 40 4648. 11751. 26626. 14050. ____________________________________________________________________________ Source: Author's calculations. Appendix Table 28: The Impact of Potential OASI Reforms on Average Benefits Non-White (r=5%) Quintile of Average Benefits Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 3755. 8662. 16692. 9294. 1 38% Tax Hike Beginning in Year 2000 3755. 8662. 16692. 9294. 2 25% Benefit Cut Beginning in Year 2000 2836. 6499. 12650. 7047. 3 Acclerated Increase in NRA 2869. 6811. 13589. 7424. 4 CPI Indexing of Covered Earnings 3368. 7893. 15786. 8565. 5 Indexing Benefits by CPI Minus 1% 3423. 7727. 14890. 8314. 6 Stabilize Real Per Capita Benefits 3303. 7674. 14707. 8237. 7 Freeze Bend Points in Real Terms 3631. 8411. 15962. 8969. 8 Eliminate Earnings Ceiling 3755. 8651. 17863. 9456. 9 Eliminate Earnings Ceiling w/o Benefit Change 3755. 8662. 16692. 9294. 10 Increase Computation Years from 35 to 40 3498. 8343. 16230. 8947. Birth Cohort 1970-74 0 Current Rules 3793. 9192. 20196. 10429. 1 38% Tax Hike Beginning in Year 2000 3793. 9192. 20196. 10429. 2 25% Benefit Cut Beginning in Year 2000 2907. 6975. 15141. 7866. 3 Acclerated Increase in NRA 3141. 7717. 17056. 8739. 4 CPI Indexing of Covered Earnings 3347. 8376. 19026. 9576. 5 Indexing Benefits by CPI Minus 1% 3444. 8210. 18019. 9242. 6 Stabilize Real Per Capita Benefits 2374. 5756. 12414. 6420. 7 Freeze Bend Points in Real Terms 3465. 8273. 17590. 9180. 8 Eliminate Earnings Ceiling 3782. 9329. 28409. 11935. 9 Eliminate Earnings Ceiling w/o Benefit Change 3793. 9192. 20196. 10429. 10 Increase Computation Years from 35 to 40 3527. 8852. 19885. 10090. Birth Cohort 1995-00 0 Current Rules 4790. 12156. 25467. 12710. 1 38% Tax Hike Beginning in Year 2000 4790. 12156. 25467. 12710. 2 25% Benefit Cut Beginning in Year 2000 3588. 9174. 19099. 9564. 3 Acclerated Increase in NRA 3928. 10188. 22016. 10670. 4 CPI Indexing of Covered Earnings 4110. 11083. 23970. 11684. 5 Indexing Benefits by CPI Minus 1% 4298. 10736. 22795. 11338. 6 Stabilize Real Per Capita Benefits 1188. 3159. 6547. 3277. 7 Freeze Bend Points in Real Terms 4013. 10073. 20217. 10164. 8 Eliminate Earnings Ceiling 4781. 12261. 32911. 13862. 9 Eliminate Earnings Ceiling w/o Benefit Change 4790. 12156. 25467. 12710. 10 Increase Computation Years from 35 to 40 4445. 11708. 25019. 12305. ____________________________________________________________________________ Source: Author's calculations. Appendix Table 29: The Impact of Potential OASI Reforms on Average Benefits College (r=5%) Quintile of Average Benefits Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 3913. 8656. 17234. 10821. 1 38% Tax Hike Beginning in Year 2000 3913. 8656. 17234. 10821. 2 25% Benefit Cut Beginning in Year 2000 2934. 6515. 13009. 8170. 3 Acclerated Increase in NRA 2977. 6977. 13757. 8515. 4 CPI Indexing of Covered Earnings 3564. 7878. 16227. 10086. 5 Indexing Benefits by CPI Minus 1% 3509. 7723. 15439. 9637. 6 Stabilize Real Per Capita Benefits 3463. 7674. 15253. 9596. 7 Freeze Bend Points in Real Terms 3783. 8413. 16536. 10410. 8 Eliminate Earnings Ceiling 3913. 8699. 19135. 11391. 9 Eliminate Earnings Ceiling w/o Benefit Change 3913. 8656. 17234. 10821. 10 Increase Computation Years from 35 to 40 3738. 8300. 16774. 10456. Birth Cohort 1970-74 0 Current Rules 3780. 9240. 20453. 11688. 1 38% Tax Hike Beginning in Year 2000 3780. 9240. 20453. 11688. 2 25% Benefit Cut Beginning in Year 2000 2841. 7007. 15368. 8818. 3 Acclerated Increase in NRA 3062. 7808. 17320. 9817. 4 CPI Indexing of Covered Earnings 3313. 8483. 19215. 10824. 5 Indexing Benefits by CPI Minus 1% 3379. 8225. 18108. 10349. 6 Stabilize Real Per Capita Benefits 2304. 5747. 12475. 7170. 7 Freeze Bend Points in Real Terms 3441. 8324. 17716. 10257. 8 Eliminate Earnings Ceiling 3781. 9362. 28813. 13908. 9 Eliminate Earnings Ceiling w/o Benefit Change 3780. 9240. 20453. 11688. 10 Increase Computation Years from 35 to 40 3580. 8939. 20108. 11329. Birth Cohort 1995-00 0 Current Rules 4990. 12284. 27035. 15569. 1 38% Tax Hike Beginning in Year 2000 4990. 12284. 27035. 15569. 2 25% Benefit Cut Beginning in Year 2000 3751. 9320. 20311. 11708. 3 Acclerated Increase in NRA 4075. 10370. 23770. 13294. 4 CPI Indexing of Covered Earnings 4408. 11202. 25354. 14387. 5 Indexing Benefits by CPI Minus 1% 4472. 10907. 24178. 13864. 6 Stabilize Real Per Capita Benefits 1234. 3146. 6942. 3970. 7 Freeze Bend Points in Real Terms 4124. 10153. 21383. 12387. 8 Eliminate Earnings Ceiling 4984. 12463. 37746. 18462. 9 Eliminate Earnings Ceiling w/o Benefit Change 4990. 12284. 27035. 15569. 10 Increase Computation Years from 35 to 40 4658. 11823. 26533. 15091. ____________________________________________________________________________ Source: Author's calculations. Appendix Table 30: The Impact of Potential OASI Reforms on Average Benefits Non-College (r=5%) Quintile of Average Benefits Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 3782. 8597. 17179. 9071. 1 38% Tax Hike Beginning in Year 2000 3782. 8597. 17179. 9071. 2 25% Benefit Cut Beginning in Year 2000 2841. 6520. 12937. 6861. 3 Acclerated Increase in NRA 2837. 6846. 13653. 7217. 4 CPI Indexing of Covered Earnings 3414. 7885. 16255. 8411. 5 Indexing Benefits by CPI Minus 1% 3416. 7664. 15373. 8117. 6 Stabilize Real Per Capita Benefits 3346. 7634. 15231. 8053. 7 Freeze Bend Points in Real Terms 3667. 8347. 16461. 8759. 8 Eliminate Earnings Ceiling 3783. 8634. 18428. 9300. 9 Eliminate Earnings Ceiling w/o Benefit Change 3782. 8597. 17179. 9071. 10 Increase Computation Years from 35 to 40 3555. 8271. 16716. 8742. Birth Cohort 1970-74 0 Current Rules 3744. 9369. 20128. 10022. 1 38% Tax Hike Beginning in Year 2000 3744. 9369. 20128. 10022. 2 25% Benefit Cut Beginning in Year 2000 2824. 7090. 15140. 7547. 3 Acclerated Increase in NRA 3039. 7761. 17059. 8369. 4 CPI Indexing of Covered Earnings 3268. 8522. 18986. 9221. 5 Indexing Benefits by CPI Minus 1% 3353. 8250. 17896. 8897. 6 Stabilize Real Per Capita Benefits 2278. 5770. 12342. 6151. 7 Freeze Bend Points in Real Terms 3392. 8377. 17464. 8805. 8 Eliminate Earnings Ceiling 3744. 9446. 25704. 10948. 9 Eliminate Earnings Ceiling w/o Benefit Change 3744. 9369. 20128. 10022. 10 Increase Computation Years from 35 to 40 3470. 8957. 19812. 9704. Birth Cohort 1995-00 0 Current Rules 4881. 12146. 26627. 12898. 1 38% Tax Hike Beginning in Year 2000 4881. 12146. 26627. 12898. 2 25% Benefit Cut Beginning in Year 2000 3653. 9200. 20011. 9714. 3 Acclerated Increase in NRA 3957. 10306. 23189. 10946. 4 CPI Indexing of Covered Earnings 4267. 11145. 24987. 11881. 5 Indexing Benefits by CPI Minus 1% 4362. 10793. 23826. 11516. 6 Stabilize Real Per Capita Benefits 1207. 3140. 6848. 3288. 7 Freeze Bend Points in Real Terms 4053. 10067. 21049. 10305. 8 Eliminate Earnings Ceiling 4888. 12259. 32896. 13904. 9 Eliminate Earnings Ceiling w/o Benefit Change 4881. 12146. 26627. 12898. 10 Increase Computation Years from 35 to 40 4572. 11668. 26153. 12478. ____________________________________________________________________________ Source: Author's calculations. Appendix Table 31: The Impact of Potential OASI Reforms on Average Benefits White, College-Educated Men (r=5%) Quintile of Average Benefits Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 3685. 8692. 17465. 12417. 1 38% Tax Hike Beginning in Year 2000 3685. 8692. 17465. 12417. 2 25% Benefit Cut Beginning in Year 2000 2779. 6493. 13134. 9413. 3 Accelerated Increase in NRA 2943. 7087. 13526. 9357. 4 CPI Indexing of Covered Earnings 3298. 7897. 16420. 11629. 5 Indexing Benefits by CPI Minus 1% 3323. 7746. 15588. 11204. 6 Stabilize Real Per Capita Benefits 3214. 7706. 15462. 11037. 7 Freeze Bend Points in Real Terms 3532. 8440. 16756. 11931. 8 Eliminate Earnings Ceiling 3685. 8710. 19499. 13198. 9 Eliminate Earnings Ceiling w/o Benefit Change 3685. 8692. 17465. 12417. 10 Increase Computation Years from 35 to 40 3491. 8368. 16966. 12049. Birth Cohort 1970-74 0 Current Rules 3643. 9222. 20622. 13224. 1 38% Tax Hike Beginning in Year 2000 3643. 9222. 20622. 13224. 2 25% Benefit Cut Beginning in Year 2000 2676. 7078. 15519. 9986. 3 Accelerated Increase in NRA 2964. 7895. 17136. 10756. 4 CPI Indexing of Covered Earnings 3077. 8470. 19325. 12350. 5 Indexing Benefits by CPI Minus 1% 3218. 8223. 18284. 11866. 6 Stabilize Real Per Capita Benefits 2182. 5762. 12566. 8089. 7 Freeze Bend Points in Real Terms 3308. 8352. 17839. 11550. 8 Eliminate Earnings Ceiling 3643. 9341. 28588. 15806. 9 Eliminate Earnings Ceiling w/o Benefit Change 3643. 9222. 20622. 13224. 10 Increase Computation Years from 35 to 40 3454. 8950. 20293. 12908. Birth Cohort 1995-00 0 Current Rules 4878. 12320. 27902. 18885. 1 38% Tax Hike Beginning in Year 2000 4878. 12320. 27902. 18885. 2 25% Benefit Cut Beginning in Year 2000 3662. 9420. 20968. 14190. 3 Accelerated Increase in NRA 3975. 10583. 24608. 16102. 4 CPI Indexing of Covered Earnings 4383. 11282. 26118. 17557. 5 Indexing Benefits by CPI Minus 1% 4296. 10891. 24927. 16983. 6 Stabilize Real Per Capita Benefits 1161. 3153. 7133. 4763. 7 Freeze Bend Points in Real Terms 3981. 10244. 22070. 14960. 8 Eliminate Earnings Ceiling 4863. 12455. 39076. 22923. 9 Eliminate Earnings Ceiling w/o Benefit Change 4878. 12320. 27902. 18885. 10 Increase Computation Years from 35 to 40 4527. 11908. 27345. 18397. ____________________________________________________________________________ Source: Author's calculations. Appendix Table 32: The Impact of Potential OASI Reforms on Average Benefits Non-White, Non-College-Educated Women (r=5%) Quintile of Average Benefits Lowest Middle Highest All Birth Cohort 1945-49 0 Current Rules 3843. 8771. 17136. 8187. 1 38% Tax Hike Beginning in Year 2000 3843. 8771. 17136. 8187. 2 25% Benefit Cut Beginning in Year 2000 2879. 6581. 12873. 6227. 3 Accelerated Increase in NRA 2900. 6856. 13539. 6783. 4 CPI Indexing of Covered Earnings 3411. 8012. 15799. 7544. 5 Indexing Benefits by CPI Minus 1% 3465. 7851. 14795. 7298. 6 Stabilize Real Per Capita Benefits 3310. 7758. 14790. 7253. 7 Freeze Bend Points in Real Terms 3731. 8563. 15987. 7927. 8 Eliminate Earnings Ceiling 3843. 8723. 19544. 8356. 9 Eliminate Earnings Ceiling w/o Benefit Change 3843. 8771. 17136. 8187. 10 Increase Computation Years from 35 to 40 3556. 8598. 16565. 7889. Birth Cohort 1970-74 0 Current Rules 3548. 9121. 20753. 9278. 1 38% Tax Hike Beginning in Year 2000 3548. 9121. 20753. 9278. 2 25% Benefit Cut Beginning in Year 2000 2775. 7006. 15705. 7031. 3 Accelerated Increase in NRA 3028. 7704. 17431. 7974. 4 CPI Indexing of Covered Earnings 3157. 8371. 19706. 8525. 5 Indexing Benefits by CPI Minus 1% 3395. 8084. 18474. 8095. 6 Stabilize Real Per Capita Benefits 2281. 5778. 12917. 5824. 7 Freeze Bend Points in Real Terms 3266. 8170. 18064. 8232. 8 Eliminate Earnings Ceiling 3548. 9308. 29288. 10313. 9 Eliminate Earnings Ceiling w/o Benefit Change 3548. 9121. 20753. 9278. 10 Increase Computation Years from 35 to 40 3325. 8813. 20369. 8986. Birth Cohort 1995-00 0 Current Rules 4419. 12007. 25030. 11076. 1 38% Tax Hike Beginning in Year 2000 4419. 12007. 25030. 11076. 2 25% Benefit Cut Beginning in Year 2000 3326. 9023. 18775. 8335. 3 Accelerated Increase in NRA 3668. 10165. 22116. 9452. 4 CPI Indexing of Covered Earnings 3830. 10948. 23509. 10148. 5 Indexing Benefits by CPI Minus 1% 4037. 10537. 22233. 9760. 6 Stabilize Real Per Capita Benefits 1119. 3214. 6533. 2905. 7 Freeze Bend Points in Real Terms 3831. 9929. 19897. 8942. 8 Eliminate Earnings Ceiling 4401. 12054. 32478. 12009. 9 Eliminate Earnings Ceiling w/o Benefit Change 4419. 12007. 25030. 11076. 10 Increase Computation Years from 35 to 40 4136. 11590. 24527. 10711. ____________________________________________________________________________ Source: Author's calculations.