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We all are aware progressive taxes cause higher incomes to pay most of the income tax (not other taxes like social security).
However, the article is misleading both from the right and the left.
A high portion of "transfer payments" is for social security and disability income. This is not welfare, but money paid in during a worker's life by employee and employer. The government is merely a conduit to administer these funds. The argument on the right that a extremely high percentage of money paid is welfare is flawed. Yes, there may be problems with government programs, but it is being skewed by incorrect information.
But here is the problem on the left: Where is the money that is supposed to be in the Social Security and Medicare Trust funds? Al Gore said it was in a lockbox
Guess what? High spending politicians from both parties have raided the lockbox (borrowed they say) and are using the funds in Your pension and health care fund! They of course say it is "backed by the full faith and credit of the U.S. government". However the only way top repay the borrowed funds is to tax the citizens! So there will be higher taxes, much higher inflation, or both to pay for the financial follies of the nation's politicians.
A pox on both parties.
We need to fire them all.
We all are aware progressive taxes cause higher incomes to pay most of the income tax (not other taxes like social security).
However, the article is misleading both from the right and the left.
A high portion of "transfer payments" is for social security and disability income. This is not welfare, but money paid in during a worker's life by employee and employer. The government is merely a conduit to administer these funds. The argument on the right that a extremely high percentage of money paid is welfare is flawed. Yes, there may be problems with government programs, but it is being skewed by incorrect information.
But here is the problem on the left: Where is the money that is supposed to be in the Social Security and Medicare Trust funds? Al Gore said it was in a lockbox
Guess what? High spending politicians from both parties have raided the lockbox (borrowed they say) and are using the funds in Your pension and health care fund! They of course say it is "backed by the full faith and credit of the U.S. government". However the only way top repay the borrowed funds is to tax the citizens! So there will be higher taxes, much higher inflation, or both to pay for the financial follies of the nation's politicians.
A pox on both parties.
We need to fire them all.
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