December 16, 2011
Just another penny on the dollar. What’s one more penny? After all, we all (all?) must pay our fair share. Let’s take a closer look.
A worker earns a dollar. The politicians want some of it. The feds take 7-plus cents for Social Security and Medicare. They take the same again from the business that pays the employee. They give it to us older folks.
Then, the feds/politicians take another chunk for income tax, 5 cents, maybe more, depending on how much you earn. What’s the highest rate? It’s 35 cents, yes?
Of course, the states, cities and local politicians want their cut … that might be another 5, 10, or more cents? So what’s left out of each dollar our workers earn?
We’re not done here. If our workers take what’s left of the dollars they earn, they need to buy some things. Each dollar spent requires another 2, maybe even 10 cents in sales taxes. Where does that money go?
CONTINUED:
http://www.newbernsj.com/articles/penny-102904-dollar-letter.html
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