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?
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.
DocumentationSocial Security Promise