Economic events of 1987—A chronology
Jan 1
Social Security benefit payments rise by 1.3%. Taxable salary base rises to S43,800. Tax rate remalns unchanged at 7.15%. (Beneftts rlse 4.2%, tax base to $45,000, and tax rate to 7.51%, on January 1, 1988 )
Jan 1
Most provisions of Tax Reform Act of 1986 take effect.
Jan 4
Amtrak passenger train collides with three Conrail freight engines near Baltimore, killing 16.
Jan 5
President Reagan submits first trillion-dollar budget, for fiscal year 1988.
