The Tax Foundation, a non-partisan research group, reports that nearly a third of a worker’s 8 hour day is now consumed by federal, state, and local taxes, a glaring example of the burden put on American workers through unbridles governmental spending. In fact “Tax Freedom Day”-the day your earnings have satisfied your annual federal state, and local tax obligation, assuming all of your earnings were paid to the government from January 1-occurred on April 24 this year, one day later than last year and six days later than the year before. One hundred years ago, this milestone took less than three weeks to hit.
Here’s another way to look at the burden of taxation: the amount we spend on federal, state, and local taxes in 2015 is projected to be $4.8 trillion, almost 10% more than we spend on food, clothing, and housing combined. And this has been the case for more than two decades, with the gap continuing on an upward trend.
—————-to those concerned with the long term, is that despite the enormous amount of revenuer confiscated from us, the federal government continues to spend more than it collects. This deficit–pegged at more than $400 billion for 2015–indicates that the government is continuing year-by-year to spend even more than it takes from us, primarily by adding programs, regulatory staff, oversight offices, and the like all of which must be funded by the taxpayer.
———————–In fact, according to studies by the Heritage Foundation, a child born in 2014 will inherit a $41,000 share of this bill-a share that will grow to $142,000 by the time that child reaches age 24. So while the rate at which governmental confiscation of our earnings continues to expand, is it any wonder that Americans are becoming increasingly frustrated by the disincentive to work hard? After all, if increasing production and value only results in losing more and more to taxation, why bother? Why not join the growing population ranks willing to live off of government largesse (which, in reality, is in large part simply a transfer of wealth from the working to the non-working)?
As the run-up to the 2016 elections unfolds, there’s no doubt that candidates and prospective candidates will unfurl a variety of approaches to solving the tax burden dilemma. Naturally, many of these “fixes” will involve raising more and more revenue via taxes, further intensifying the confiscation of wealth from those who earn it. So, that dollar you earned may shrink even more in the years ahead.(byGerry Hafer for AMAC, Summer 2015)
OK FOLKS; I take this to mean a few things: We need to be very careful whom we chose as candidates, not only listen to what they say but look at their past actions. Do we want to pay more taxes? Or do we want to cut spending?
Former Repr. Connie Mack of Florida called for cutting one cent a year from every dollar the government spends as a means of dealing with the sky-rocketing national deficit. It doesn’t sound like much at first glance, but the think-tank FreedomWorks believes the idea is powerful enough to achieve a balanced budget by 2019. -Also, no increases in the budget next year, period. Give that some thought. (AMAC,also)
Some people believe heading further into Socialism is a great idea. However, that is where we are now in many aspects. Socialism also requires the transfer of money from the workers to the non-workers and to the Govt. That is where we seem to be now.
Is it any wonder some of the Congress and the President want to raise the minimum pay. Wouldn’t that mean some would be in a higher tax bracket and will have to pay more taxes. Out of that raise, just how much do you think the person is likely to keep??
It seems to me this election will be the turning point in which way this Country will go. More taxes, bigger Government? Less taxes, smaller Government? I know which way I want it to go. You decide for yourselves, and your children.