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Table 1

History of Wage Cap

Year

Amount

Year

Amount

1937­50

$3,000

1986

$42,000

1951­54

$3,600

1987

$43,800

1955­58

$4,200

1988

$45,000

1959­65

$4,800

1989

$48,000

1966­67

$6,600

1990

$51,300

1968­71

$7,800

1991

$53,400

1972

$9,000

1992

$55,500

1973

$10,800

1993

$57,600

1974

$13,200

1994

$60,600

1975

$14,100

1995

$61,200

1976

$15,300

1996

$62,700

1977

$16,500

1997

$65,400

1978

$17,700

1998

$68,400

1979

$22,900

1999

$72,600

1980

$25,900

2000

$76,200

1981

$29,700

2001

$80,400

1982

$32,400

2002

$84,900

1983

$35,700

2003

$87,000

1984

$37,800

2004

$87,900

1985

$39,600

2005

$90,000

Source: Social Security Administration.

Figure 1

Percent of Covered Wages Subject to the OASI Payroll Tax

105

Wages Subject to Tax

100

Pos t 1950 Average

95

90

85

80

75

70

65

1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000

Year

Source: Social Security Administration, Annual Statistical Supplement 2004, Table 4.B1, http://www.ssa.gov/policy

/docs/statcomps/supplement/2004/4b.html.

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