This half-baked harangue next alleges that FDR promised that “participants would only have to pay 1 percent of the first $1,400 of their annual incomes into the program.”
Social Security and You: Internet Lies About Social Security Never Go Away | Smart Change: Personal Finance
Once again, that’s just an outright lie. The Social Security bill that FDR signed in 1935 taxed income up to $3,000. And that same law called for an incremental adjustment to the tax rate, climbing from 1% in 1936 to 3% by 1949. Roosevelt and all legislators knew that, as the program grew in the future, its funding would also have to grow.
The wacky writer then falsely says, “the Social Security tax rate is now 7.65 percent.” That’s a common misperception. The Social Security tax rate is 6.2%. The other 1.45% is used to fund the completely separate Medicare program.
By the way, the last time the Social Security tax rate was increased was in 1983, during the administration of Ronald