The level of today's Social Security payroll tax is significantly larger than initially envisioned.

Name: The level of today's Social Security payroll tax is significantly larger than initially envisioned.
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The Social Security payroll tax has increased since its inception in 1937, due to changes in the program and increases in wages. Initially, the tax rate was 1% on the first $3,000 of earnings, but it has since increased to 6.2% on the first $142,800 of earnings (as of 2021).

The Level of Today's Social Security Payroll Tax Is Significantly