The initial contribution rate when the Social Security Act was first implemented was 1% of the first $3,000 of an individual's income. This means that individuals contributed 1% of their income up to $3,000 towards Social Security.
This contribution rate was set in 1937 when the Act was first implemented. Over the years, the contribution rate and income thresholds have changed to accommodate inflation and the evolving needs of the Social Security program.
It's important to note that the specific contribution rates and income thresholds may vary depending on the year and any legislative changes that have occurred since the inception of the Social Security Act.
