9 Facts About Taxes That Will Have You Looking Into Getting Stranded on a Desert Island
Isn’t America’s tax system incredible? These nine facts will have you pining for the peace and solitude that could only come from an extended stay on a desert island.
#1: There are more than 72,000 pages in the federal tax code. That’s more than 146 times the size it was in 1939.
#2: It will take 111 days for Americans to collectively earn enough to pay their taxes. That day, which lands on April 21 for most but varies by state, is called Tax Freedom Day.
#3: Over 300,000 federal employees and retirees were found delinquent on their taxes. The report, published by Sen. Tom Coburn, reveals that the tally the tax coffers are missing is $3.5 billion.
#4: Federal taxes push 7 million childless Americans into- or further into- poverty. That’s just not right.
#5: In less than 20 years, the Social Security program will likely beinsolvent. So if you’re under 40, I hope you have alternate plans.
#6: Payroll tax is out of control. That’s bad news for job creation…
#7: Most Americans’ taxes went up this year. This is due to the fiscal cliffdeal raising payroll taxes, as well as Obamacare’s 3.8 percent net investment income tax and 0.9 percent Additional Medicare Tax.
#8: You probably pay more in Medicare and Social Security taxes than in income taxes. People can talk about having a “safety net,” but there’s a flipside to that: a lot of money lost to the government could be used by people hoping to start businesses or save for college – lost opportunities.
#9: The majority of Americans feel that they pay too much in taxes. Why is that not reflected in our elected officials?
While taxes are vital for a government to function, the government has an inherent duty to spend tax dollars in a responsible way, as well as a duty to reflect the will of its citizens when spending those dollars.
Our federal government is fulfilling neither of those responsibilities.
Copyright © 2014 - Independent Journal Review
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