by Glenn McCoy
A young college student comes home for a visit and tells her father what is all wrong about America. She feels that the country should be based on the Socialist scale so that everyone will be equal. Her father ignores her excitement and her new found “expert” knowledge.
Instead he says, “How did you do on your finals?” She replies, “I did just great – I got an “A” in all subjects.”
Her father proudly says, “That is just great – you must have worked hard, studied hard, and prepared for your test.”
“Oh, I did she said. I stayed up until all hours and crammed until I knew everything on the test. I didn’t go anywhere, skipped meals and kept my head in my books!”
“I am so proud of you daughter; but how did your roommate do?”
“Ah, she didn’t do so well.” The father then says, “Why don’t you talk to the dean and tell him that you feel bad for your roommate; and you would like to have your two grades averaged together so that you can share your grade to help pull up hers to passing?”
“What…? She replied with an exaggerated tone.
“I should give her part of my hard earned grades when she sat on her rump, watched TV, went to parties, didn’t crack open and book and I AM TO SHARE WITH HER?”
“NO WAY. I worked for my grades and she did nothing.”
Her father patted her on the back and replied, “Welcome to the world of capitalism, sweetheart!”
The Trust Fund Myth
People tend to think of their Social Security benefits as an actual account, in their name, which contains cash or investments. In reality, the Social Security trust fund contains nothing more than IOUs that have no value beyond a promise to impose higher taxes on future workers. The annual surpluses that many thought were being used to build up a reserve for Baby Boomers have been spent on other government programs or to reduce government debt.
Social Security is not like a savings account in which payroll taxes are saved for retirement. Social Security is a pay-as-you-go system, meaning that the taxes paid by today’s workers are immediately sent out to pay the benefits of today’s retirees.
The problem with this system is that it only functions when there are a lot of workers paying payroll taxes and just a few retired people getting benefits. This is no longer the case. Our senior population is growing much faster than our working population and this means there are fewer and fewer workers supporting more and more retirees.
No Cash Is Being Saved . . .
Read more from the US Chamber of Commerce
at what percentage is it NOT slavery?
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In this guest post, Cato Senior Fellow Dan Mitchell offers advice for Republicans looking to hold their ground against tax increases.
(This piece was originally posted on the International Liberty blog).
Those who had the misfortune of seeing President Obama go after “tax breaks for corporate jets” as part of his press conference may be wondering why he was attacking a provision that was in his so-called stimulus and enacted by a Democratic-controlled Congress in 2009.
But that’s just routine politics. The folks in the White House are probably laughing about screwing jet builders after collecting campaign money from them in exchange for that provision two years ago.
The more important thing to focus on is the way that the big spenders in the White House and elsewhere are trying to build support for a big tax increase by characterizing tax breaks as “spending in the tax code.” The left obviously hopes Republicans are so stupid that Orwellian word games are all that is needed to get them to acquiesce to legislation that would increase the amount of revenue going to Washington.
Read more at atr.org
then is the income tax meant to discourage working?
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because we value our Independence FROM Government NOT Dependence on the government.” -Governor Scott Walker
Real federal taxes per capita have more than doubled since John F. Kennedy served as president — and argued for lower taxes.
In 1961, the fiscal year Kennedy was elected, the federal government collected about $94.388 billion in taxes, according to the Office of Management and Budget. The population that year was about 183,691,481, according to the Census Bureau. That meant federal tax revenues equaled about $514 per capita — or $4,121 in 2016 dollars.
Read more by Terence P. Jeffrey at cnsnews.com
Tax Freedom Day is the day when Americans finally have earned enough money to pay off their total tax bill for the year. In 2016, Wisconsin taxpayers worked until April 27th (ranked 40th nationally) to pay their total tax bill.
Read more at TaxFoundation.org