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Adjusted for inflation, how much larger is the maximum annual Social Security payroll tax per person than what the federal government promised when program began?
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At the outset of the Social Security program, the federal government wrote that "the most" anyone will pay is "3 cents on each dollar you earn, up to $3,000 a year." Adjusted for inflation, this equates to a maximum annual tax of $1,802 per person. In 2014, the maximum payroll tax per person is $14,508, or 8 times the promised maximum.
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