Figure B
The share of earnings above the Social Security tax cap tracks top 1% earnings share: Share of earnings above the Social Security tax cap and top 1% share of earnings, 1971–2021
| Top 1% share of earnings | Share of earnings above the cap | |
|---|---|---|
| 1971 | 6.3% | 23.7% |
| 1972 | 6.6% | 21.7% |
| 1973 | 6.8% | 18.2% |
| 1974 | 7.3% | 14.7% |
| 1975 | 7.6% | 15.6% |
| 1976 | 7.3% | 15.7% |
| 1977 | 7.7% | 15.0% |
| 1978 | 7.4% | 16.2% |
| 1979 | 7.3% | 12.7% |
| 1980 | 7.7% | 11.1% |
| 1981 | 7.7% | 10.8% |
| 1982 | 8.2% | 10.0% |
| 1983 | 8.4% | 10.0% |
| 1984 | 8.7% | 10.7% |
| 1985 | 8.8% | 11.1% |
| 1986 | 9.2% | 11.4% |
| 1987 | 10.4% | 12.4% |
| 1988 | 11.3% | 14.2% |
| 1989 | 11.0% | 13.2% |
| 1990 | 11.2% | 12.8% |
| 1991 | 10.1% | 12.2% |
| 1992 | 11.0% | 13.2% |
| 1993 | 10.7% | 12.8% |
| 1994 | 10.4% | 12.9% |
| 1995 | 11.0% | 14.2% |
| 1996 | 11.3% | 14.3% |
| 1997 | 11.9% | 14.9% |
| 1998 | 12.3% | 15.5% |
| 1999 | 12.9% | 16.1% |
| 2000 | 13.7% | 16.8% |
| 2001 | 12.6% | 15.3% |
| 2002 | 11.8% | 13.9% |
| 2003 | 11.8% | 14.1% |
| 2004 | 12.6% | 15.2% |
| 2005 | 13.0% | 15.9% |
| 2006 | 13.3% | 16.6% |
| 2007 | 13.7% | 17.4% |
| 2008 | 12.9% | 16.4% |
| 2009 | 11.9% | 14.8% |
| 2010 | 12.6% | 15.9% |
| 2011 | 12.8% | 16.4% |
| 2012 | 13.4% | 17.2% |
| 2013 | 12.9% | 16.4% |
| 2014 | 13.3% | 16.9% |
| 2015 | 13.2% | 17.1% |
| 2016 | 12.8% | 16.9% |
| 2017 | 13.1% | 16.5% |
| 2018 | 13.0% | 16.8% |
| 2019 | 12.9% | 16.5% |
| 2020 | 13.4% | 17.3% |
| 2021 | 14.6% | 18.6% |
Note: This work extends Gould and Kandra (2022) methodology back to 1971.
Source: Annual Statistical Supplement 2022, Table 4.B1, Social Security Administration and Social Security Administration wage statistics.
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