“Two-thirds of Americans do not have any taxable income. The most recent IRS data shows that Americans earning over $100,000 per year pay roughly 80% of all taxes in America. This means that roughly seven percent of our nation pays the overwhelming majority of everyone else’s government expenses.”
With the Grace of God, hard work, and creating/maintaining the skills needed by those, who paid our salaries.
My wife and I, in our late 70’s, have been and are still part of that 7% thanks to our 401k/IRA investments and money management skills. Also, we spent our money wisely and not wasting it. Our adult children, many of our nieces, and nephews are in that 7%, and they are doing the same money management and investments their parents and we did.
Praeto’s Principle re 20% of the people providing/producing 80% of the results, thanks to PC ism and our harsh taxes has reduced, with the real providers from 20% in America to 7% of the providers/workers.
Many of our younger relatives in their late 40’s to early 50’s are considering doing what many of their parents and I did.
They may be dropping out of the grind in their late 50’s to early 60’s. Then, they will do consulting or part time work. This is due to their tax burdens and job demands to produce to pay for the PC drones not producing where they work.
If you are late seventies you were earning income BEFORE the rampant expansion of hidden scam taxes. Thus you had money left over to save and spend wisely. Young people today are not as much to blame as everyone seems to think. Their money is taxed away before they ever have a chance to even have something to save.
One of the best ways to increase your income now is to learn to do things for yourself rather than paying others. I recently repaired the power window mechanism on the driver side door of my pickup truck and replaced pins and bushings in the hinges on that door. My total parts cost was less than fifty dollars. Had I taken it to a body shop it would have cost hundreds and that would have been paid with after tax income so the real cost is considerably higher. I do my own plumbing, electrical, carpentry, landscaping etc. I own a lot of expensive tools but they are cheap compared to the cost of paying someone with after tax dollars knowing that the people who receive your hard earned money must charge you more because they have to pay taxes on what you pay them. Anyone who has to hire someone for every repair or building a simple deck etc. needs to have a very large income.