Posted on 04/16/2007 11:44:48 AM PDT by JZelle
Taxpayers rushing to complete their 1040s before the April 17 tax deadline may stop to wonder: What are these steep federal taxes going for?
Washington will spend $24,106 per household in 2007 the highest total since World War II, and an inflation-adjusted $4,000 more than in 2001. The federal government will collect $21,992 per household in taxes.
The remaining $2,114 represents this year's budget deficit per household, which, along with all prior government debt, will be dumped in the laps of our children.
Washington will spend this $24,106 per household as follows:
c Social Security/Medicare: $8,301. The 15.3 percent payroll tax, split evenly between the employer and employee, covers most of these costs. This system can remain sustainable only if there are enough workers to support all retirees, which is why it risks collapsing under the weight of 77 million retiring Baby Boomers. If nothing is done, taxes eventually will need to rise by $11,651 per household (adjusted for both inflation and rising incomes) to pay all promised benefits.
(Excerpt) Read more at washingtontimes.com ...
About 50% of it goes to buying votes...
The Constitution WAS a wonderful thing.
Still is, problem is it has been trashed by our gov’t.
Sick-
Explains why we do this in April, and not at the end of October.
bookmark for later
Our founding fathers would be appalled at the size of our Federal Government today. Thanks primarily to FDR and LBJ, with contributions from a few others, socialism is alive and well in America.
Ping for later
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