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Politics : Bill Clinton Scandal - SANITY CHECK -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (7268)	10/5/1998 5:49:00 PM
From: Les H	Read Replies (2) \| Respond to 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.