Quote:
Originally Posted by MandoMan
[The link below is to “Reclaiming Our Fiscal Future: Fiscal Year 2022 Budget,” produced by the Republican Study Committee of the U.S. House of Representatives and signed by the ten congressmen on the committee. See the chapter on Social Security (p. 98) and also the chapter on Medicare.]
What do you think? Do you agree?
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https://banks.house.gov/uploadedfile...fy22_final.pdf |
The original Social Security contribution rate was 1% of pay, which was matched by employers. The tax rate grew to 1.5% in 1950 and gradually increased to top 5% by 1978. The current tax rate of 6.2% has been in effect since 1990. However, higher earners don't pay Social Security taxes on all of their income.
The Social Security tax applied only to earnings of $3,000 or less in 1950 and earlier. The tax cap has increased over time to $51,300 in 1990 and $147,000 in 2022.