“47% is a lot of people, and I’d bet at least half of those simply do not make enough working to pay fed taxes.”
“Income taxes” is a bit of a deceptive term. Everybody who makes an income in America pays federal taxes-—in the form of payroll taxes. Payroll taxes start on the first dollar earned. There is no exemption until you get above the maximum earnings level of about $120,000, and it is a flat rate of about 15.3% (if an employee, 50% is given directly to the government by your employer). Over 40% of federal taxes on income come from payroll taxes. Most Americans pay more in payroll taxes than income taxes.
And anyone who imagines that those payroll taxes are being segregated so that they only go for Social Security and Medicare is living in LaLa land. They are used to pay the government’s bills just like any other tax money.
You mean......there is no........Lock..Box...?