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KOTLIKOFF cline over time, ultimately to zero. This zero long-run social security payroll tax can be compared with the 18.75% tax rate that would prevail under the existing system were we to annually adjust payroll tax rates to meet annual social security benefit payments. Getting our kids out from under an 18.75% payroll tax will, obviously, help them a lot. The interesting thing we learn from Feldstein and Samwick is that helping our kids out a lot can be done at a fairly small cost to us. In addition to eliminating the accrual of additional social security benefits and altering the time path of social security payroll tax rates, the personal retirement system forces people to place, on average, about 2% of their earnings in a private account. The precise size of this mandatory saving is cohort-specific, with the rate of contribution set to ensure that one's PRA account plus prereform accrued social security benefits will deliver the …