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Economic Perspectives, 12, No. 2, March 1988
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.

 



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