Good Morning Gentle Readers,
I ran across this in the fire safe while I was looking for Mrs TWC's birth certificate a little while ago.
It's dad's 1953 W-2 from Goodyear. An hourly clerk in Akron typed it on an old Royal manual using high tech carbon paper that saved thousands of man-hours, making it easier than ever to produce the three copies required by the Director of Internal Revenue.
Doesn't look much like that slick laser-printed ADP W-2 your boss handed you for 2005. A couple of other differences too. Like Socialist Security withholding capped at 1.5% of $3,600.00 compared with today's rate of 6.2% on $94,600.00.
Percent is constant, but after adjusting for inflation the 1953 Social Security wage cap is $25,056.02 in 2005 money. We're paying about three and a half times as much tax today. UPDATE: You'd actually pay 4.1 times as much social security tax on today's equivalent income as in 1953. But, if you earn $90,000.00 today you're paying almost fifteen times the 1953 social security tax.
Pop's inflation adjusted wages at Goodyear puts him at $28,073.00 in 2005 dollars. Not a fortune but not bad for a twenty-three year old, and certainly a big step up from his first job in Californicate--picking oranges. I hear Americans won't do that job any more.
Pop still has the glass Goodyear ashtray in the center of the mini road grader tire that sat on our coffee table (for house guests) the entire time I was growing up. It looked something like this:
Reminds me that I need to ask him if I can have that ashtray.