I'm reading a short booklet titled "The Curses of Entitlement: 30 Frightening Consequences of Government Payments", and I ran across this statistic:
The Congressional Budget Office estimates that the tax rates would have to be increased steeply to maintain future Social Security, Medicare and Medicaid benefits. For the lowest tax bracket, the rates would increase from 10% to 25%; for those in the current 25% tax bracket, the rates would increase to 63%; in the highest bracket, rates would have to be raised from 35% to 88%. The top corporate tax rate would go from 35% to 88%.
*jaw drop* These are confiscatory rates, even more so than they are now, with stifling business. This would be almost up to the 90% tax rate that was once done. Imagine that. Out of every dollar you made, 90c would go to the federal government. This is outrageous!
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2 years ago
Diane:
ReplyDeleteI have a few words that describe this OTHER than outrageous...but being a gentleman, I will not repeat them here.
I would love to know WHO kicked THIS snowball down the mountain, because from where we're sitting (in the lodge at the bottom of that mountain) the view up that slope isn't looking all that great.
Good post.
Have a great weekend.
Stay safe down there.
These are the rates coming...soon to an IRS office near you. I was talking with a (liberal) friend, and he mentioned the tea partiers that are on Social Security/Medicare, and they do not think that their checks from the government are part of the problem. I was reading something that if you saved .. $1200? a year, and invested that in the market,and left it there for the long term, you would have a return of more than the 1.5% that you receive from SS. You would have at least double the amount that SS doles out. I think the return rate was 4% or 5%. Quite interesting, and that is just from saving $1200 a year. Compound interest is a lovely thing!
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