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Response to MrSlayer (Reply #21)

Thu Apr 18, 2013, 02:20 AM

22. Reagan didn't really raise the cap

Here's the history of it

http://www.ssa.gov/oact/cola/cbb.html

You see the cap was increasing even before Reagan, although it was flat from 1937-1950.

The real value of the cap in 2013 dollars increased from $73,165 in 1980 to $88,544 in 1988, but it was also growing before Reagan, being just $62,324 in 1974.

The real thing Reagan did was increase the payroll tax, it was 6.13% in 1980 and 7.65% by 1990 (although some of those increases may have come from laws passed before Reagan was President) and the tax increase on the self-employed was huge. Those job creators saw their tax rate go from 8.1% in 1980 to 15.3% by 1990, almost a 90% increase, and on top of the increases in the cap. http://www.ssa.gov/oact/progdata/taxRates.html

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Bucky Apr 2013 OP
uppityperson Apr 2013 #1
SidDithers Apr 2013 #2
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hfojvt Apr 2013 #13
LukeFL Apr 2013 #15
Bucky Apr 2013 #18
UnrepentantLiberal Apr 2013 #16
tarheelsunc Apr 2013 #19
SidDithers Apr 2013 #20
MrSlayer Apr 2013 #21
LineLineNew Reply Reagan didn't really raise the cap
hfojvt Apr 2013 #22
HiPointDem Apr 2013 #26
pnwmom Apr 2013 #23
HiPointDem Apr 2013 #25
HiPointDem Apr 2013 #24
a kennedy Jul 2014 #28
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