Senior Trivia: Did you know that the initial payroll deduction for?

Question

Social Security was 1 percent of a worker's wages up to $3000 per year? Business fought hard against the bill that passed in 1935, because they thought it would destroy initiative and discourage thrift. Based on where we are today, do you think they were right?

Answer 1

I'll go you one better. After the 16th Amendment was ratified and we began Federal Income Tax, the entire list of people who lived in New York City and owed taxes to the government fit on one single page in the New York Times newspaper.
I had paid into Social Security since I was eleven years old and worked on foreign flag merchant ships with my father. Until 1991, a military pension was not considered outside income when it came to determining the taxability of the Social Security check. Then the tax laws changed. Now, 85% of my Social Security check is considered to be taxable income because of my military pension. The fellow in the Senate who introduced that amendment to the tax code ran for President in 2004 and his campaign team had the temerity to ask me if I was going to cast my vote for him. Best laugh I had during the entire campaign.