What your taxes go for
Washington will spend $24,106 per household in 2007 the highest total since World War II, and an inflation-adjusted $4,000 more than in 2001. The federal government will collect $21,992 per household in taxes. The remaining $2,114 represents this years budget deficit per household, which, along with all prior government debt, will be dumped in the laps of our children.
Washington will spend this $24,106 per household as follows:
Social Security/Medicare: $8,301. The 15.3 percent payroll tax, split evenly between the employer and employee, covers most of these costs. This system can remain sustainable only if there are enough workers to support all retirees, which is why it risks collapsing under the weight of 77 million retiring Baby Boomers. If nothing is done, taxes eventually will need to rise by $11,651 per household adjusted for both inflation and rising incomes to pay all promised benefits.
Ok, does it concern anyone in Washington that we are now spending more on social “security” than on any other program, and the baby boomers haven’t even retired yet?