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Andrew Biggs: Social Security maximum taxable wage in 1970 was $6,186

Andrew Biggs: Social Security maximum taxable wage in 1970 was $6,186
Social Security wage cap was $6,186 in 1970

Andrew Biggs points out that in 1970, prior to major benefit increases in the 1970s, the Social Security maximum taxable wage was $6,186.

He relates this historical context to current discussions around the Moreno-Warren proposal to eliminate the payroll tax ceiling.

Biggs has previously noted that a $1,300 annual tax increase, which is opposed by 77% of Americans, would address 40% of the Social Security deficit, according to his analysis published earlier. He also reported that the Social Security long-term deficit recently rose 16%, driven primarily by OBBA and updates to fertility assumptions in a separate article. These findings provide additional context for the current debate over payroll tax limits.

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