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re: In 2015, top 20% of income earners paid 83.9% of all federal income taxes
Posted on 9/28/17 at 12:13 pm to SlowFlowPro
Posted on 9/28/17 at 12:13 pm to SlowFlowPro
quote:
60% of federal spending is on 2 welfare programs
That's not quite accurate.
That 60% is for mandated benefits, not "welfare programs". Social Security, for example, is something that we pay into separately. I'm not saying it isn't broken, but it isn't a welfare program, it is a retirement program.
quote:
Social Security is funded through payroll taxes. Until 2011, Social Security collected more in tax revenues than it paid out in benefits. That's because for every beneficiary withdrawing from the fund, there were 3.3 younger workers paying into it. Over the years, this created a surplus in the Social Security Trust Fund.
So while it is part of the overall budget, it isn't paid entirely by you.
quote:
Both payroll taxes and income taxes are based on an employee's wages or salary. The difference is who pays. A payroll tax is paid at least partly by the employer, while income taxes are paid by employees. Federal payroll taxes are for Social Security, Medicare and unemployment insurance.
Medicare is also part of the same component, partially paid by payroll taxes.
quote:
The Medicare Part A Hospital Insurance program, which collects enough payroll taxes to pay current benefits. Medicare Part B, the Supplementary Medical Insurance program and Part D, the new drug benefit. Payroll taxes and premiums cover only 57 percent of benefits. The remaining 43 percent is financed from general tax revenues. That means Medicare contributes to the budget deficit. Rising healthcare costs means general revenues would have to pay for 62 percent of Medicare costs by 2030. As with Social Security, the tax base is insufficient to pay for this.
The problem with this line of logic is confusing WELFARE programs with RETIREMENT programs. One is for people who are presently capable to work, but earn to little or nothing at all and are being taken care of (with exception, of course, for those who are truly disabled and unable to do so).
The other, however, is for people who have spent 40+ years of their lives already working and paying into the system.
Why does it bother me?
Because my grandfather, who is in his 90s, gets a social security check. He fought in WWII. He worked well into his 60s and beyond. He raised 4 wonderful kids, including my mother.
And if you came up to me and told me he was taking welfare, you're going to wonder why you're suddenly on the ground and tasting copper.
Posted on 9/28/17 at 12:15 pm to skrayper
quote:
I'm not saying it isn't broken, but it isn't a welfare program, it is a retirement program.
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