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Page 6 · column 5 of 9 · from the scan, no model involved
with average earnings of $550 a month, or. $6^600 a year. Under the new law, this same worker can look forward to a monthly payment of $189.90 ($284.90 for himself and his wife.) Thus for these workers who have been earning and who will continue to earn wages of $6,600 a year or less, the new amendments will mean sizable increases in their future bene fit payments -- and without comparable increases in the social security tax contributions they were scheduled to pay under the old law. A worker earning $6,600 a year will pay exactly the same amount of social security taxes in 1968 as he paid in 1967. In 1969 and 1970, he will actually pay $6.60 less for the year than he would have paid under the old law. In years after that he will pay only slightly more, with his maximum contribution no more than $1.38 more a month than he would have paid under the law as it stood before the enactment of the. benefit increases. These contribution rates also include the protion he pays toward his medicare protection for his old age. Higher social security contributions are scheduled, however, for the one out of four wage earners who earns over $6,600. He will be paying social security contributions on up to $1,200 more of his annual earnings.
92.8%