Posted on 01/06/2012 6:38:10 PM PST by DJ MacWoW
“...adjust the wage for inflation...”
Adjusting for inflation has nothing to do with this.
So you're saying that your hypothetical person made $30K back in 1966 and has made $30K a year since then?
You do realize that forty years ago the maximum taxable income was about $7K, right? Your very simplistic statement about total Social Security tax withheld is still way off.
“...forty years ago the maximum taxable income was about $7K...”
Yes, that is so, and the $7K was more than most people earned in a year in 1966. Average does not mean a flat $30K per year, each year, now does it! While working I always paid at the max withholding on FICA. And I AVERAGED much more than the $30K over my working years. Obviously you just want to argue, so do not bother replying... :)
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