We got a press release today from the Tax Foundation saying that April 9 will be the so-called “tax freedom day,” the day when we’ve theoretically earned enough this year to pay all our taxes on all levels.
They say we’re a day later this year but, interestingly still two weeks earlier than several years ago, mostly because of the massive stimulus and tax cuts put through by both the Obama and Bush administrations. This sort of makes me wonder why all those tea baggers are screaming about higher taxes — so far, nobody’s asked us to pay more. Quite the opposite.
The screaming about higher taxes (even though we’re paying lower taxes) is caused by the higher spending the fed has done, not just this last couple of years, but ever since Bush took office in 2000 and lowered taxes because there was that horrible surplus. The idea of having enough money to pay for what the federal government was buying was, apparently, a horrible thing to the fiscal conservatives in the crowd.
Now we don’t have enough, and now they say the deficit is a horrible thing. Is there no pleasing these people?
The same Tax Foundation said last week that our income taxes would have to double to balance the current budget. Obviously, according to the current crop of self-professed fiscal conservatives, we can never, ever, raise taxes.
I might add, I don’t hear any of these screamers calling for cuts in any of the services that the federal money buy. No calls for cuts in Social Security, Medicare, Defense, highway building or any of that. What this all tells me is that Americans expect a free ride and let someone else pick up the bill. Do Americans really have no clue where the money for their stuff comes from?
Or do they just expect a free ride?
I must say here: Tea Baggers who scream about federal programs while collecting Social Security AND Medicare: BIG contradiction, people. You better hope you never get what you are asking for.
Interestingly, we just got out of the annual 401K planning meeting where a guy from a bank tells us how much money we need to save for retirement: A bunch.
Inevitably, the question came around the Social Security, and how little it pays, and someone asked why she had to pay into that when she could probably do a better job herself investing the money.
My response, unspoken, is that is is just fine with me if she quits paying into Social Security as long as (a) she agrees not to ever apply for any SS benefits AND (b) she agrees to take on the full cost of her parents’ retirement as well.
Because that’s what SS is. It’s not a retirement fund for you. It’s a fund to make sure your parents don’t end up starving to death when they get old and look to you for help but you can’t give them any because you just had to have that new pickup truck and rambling house and cable TV and all that.
The Average Babyboomer, we are told, has savings sufficient to pay for 6 years of retirement. After that, they’ll be living on Social Security and little else, I guess. At which point they’ll probably be glad the privitization of Social Security they screamed for didn’t come true, because with savings habits like that, they would have blown the money long ago.