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OMB
COST ESTIMATE
FOR PAY-AS-YOU-GO CALCULATIONS
Report No: 564
Date: 01/25/2002
The legislation also provides for benefits for widows of retired employees that are equal to the benefit to the retired employee at the time of his death, provides for full retirement at age 60 for employees with at least 30 years of covered service, provides for vesting after five years of post-1995 service, and repeals a cap on monthly benefits.
The Supplemental Annuity Tax on employers is repealed, and the rate employers pay for the Tier 2 payroll tax is lowered from 16.1 percent of payroll to 14.2 percent by 2003.
(Fiscal years; in millions of dollars) | ||||||
2001 | 2002 | 2003 | 2004 | 2005 | 2006 | |
Costs subject to pay-as-you-go: | ||||||
Receipts...................................... | 0 | -85 | -219 | -326 | -348 | -352 |
Outlays....................................... | 0 | 110 | 229 | 297 | 334 | 368 |
Total, net pay-as-you-go costs. | 0 | 195 | 448 | 623 | 682 | 720 |
(Fiscal years; in millions of dollars) | ||||||
2001 | 2002 | 2003 | 2004 | 2005 | 2006 | |
Costs subject to pay-as-you-go: | ||||||
Receipts...................................... | 0 | -118 | -277 | -410 | -441 | -443 |
Outlays........................................ | 0 | 108 | 227 | 301 | 339 | 374 |
Total, net pay-as-you-go costs. | 0 | 226 | 504 | 711 | 780 | 817 |
There are no substantial differences in the OMB and CBO estimates of outlays. Differences in revenue estimates are due to different baseline assumptions and estimating models
(Fiscal years; in millions of dollars) | ||||||
2001 | 2002 | 2003 | 2004 | 2005 | 2006 | |
Outlay effect.............. | 5,503 | 18,203 | 23,527 | 23,132 | 22,422 | 7,804 |
Receipt effect............ | -69,768 | -34,950 | -84,843 | -104,138 | -105,314 | -123,755 |
Net costs.................... | 75,271 | 53,153 | 108,370 | 127,270 | 127,736 | 131,559 |