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Politics : Bill Clinton Scandal - SANITY CHECK
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To: Lizzie Tudor who wrote (7268)10/5/1998 5:49:00 PM
From: Les H  Read Replies (2) of 67261
 
Historical Level of Social Security Taxes

Social Security Tax rates:
FICAa SECA Maximum Taxable Earningsb
1940 1.00% -- $ 3,000
1950 1.50% -- $ 3,000
1960 3.00% 4.50% $ 4,800
1970 4.80% 6.90% $ 7,800
1980 6.13% 8.10% $ 25,900
1990 7.65% 15.30% $ 51,300
1997 7.65% 15.30% $ 65,400 (OASDI)
No limit for HI

As can be seen from the above table, the people who are collecting
benefits now contributed at a much lower rate (well below 10%) and
for a much smaller part of their median income. Back in 1970,
many of today's retirees were paying about 6.9% on about half their
annual income if one is to assume a median income in the $ 15,000
neighborhood.
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