this post was submitted on 03 Jul 2024
868 points (97.4% liked)
Political Memes
5075 readers
3367 users here now
Welcome to politcal memes!
These are our rules:
Be civil
Jokes are okay, but don’t intentionally harass or disturb any member of our community. Sexism, racism and bigotry are not allowed. Good faith argumentation only. No posts discouraging people to vote or shaming people for voting.
No misinformation
Don’t post any intentional misinformation. When asked by mods, provide sources for any claims you make.
Posts should be memes
Random pictures do not qualify as memes. Relevance to politics is required.
No bots, spam or self-promotion
Follow instance rules, ask for your bot to be allowed on this community.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Boo fucking hoo a small portion of "your" money goes to keeping your neighbors' houses from burning down.
Also, you think most people are out there paying 40% in taxes? You either live in Scandinavia or you've never had a job before.
Lastly, "No taxation without representation?" Who says? A bunch of selfish, greedy, white, landowning, people-owning assholes hundreds of years ago? Fuck them. Taxes are a part of society.
The average person makes 65k in the US
They would pay 10k in federal income tax (15.4%)
They would pay 4k in social security (6.2%)
They would pay 2.6k in state income tax (~4%)
So out of the 65k, they get to keep 48.4k
Business would pay 4k in social security for you (6.2%)
With: Get paid 65k, walk home with 48.4k
Without: Get paid 69k, walk home with 69k.
69k - 48.4k = 20.2k
20.2k ÷ 69k = .29
Without federal/state/SS tax, the average person would have 30% more
Sales tax is ~5%
48.4k × 5% = 2.4k
If they used all their money to buy stuff, their actual purchasing power would be. They'd only have 46k to spend.
69k - 46k = 23k
23k ÷ 69k = .33
Average person gets to spend about 66% of their "actual pay"
I'd call that ~40%
65k - 48.4k = 16.6k
Let's assume 20 years old and retire at 67
47 years of working
S&P500 has had an average annual rate of return of 10% since being created in 1957.
Let's say 5% APR because 10% is realistic, but it's not guaranteed.
Extra 16.6k a year is about 1.4k per month.
If someone invested 1.4k per month for 47 years at 5%, interest compounded annually.
They would have 3 million in a retirement fund. (10% is 14.6m)
A 30-year mortgage is currently 7.5%. You could put the 1.4k a month into that and basically get a 7.5% guaranteed return.
Making 65k, walking home with 48.4k. Having to spend an extra 2.4k If you want to buy anything with the 48.4k because you really can only buy 46k worth of stuff. While giving up a 3m-14.6m retirement fund.
That's a "small portion"?
This isn't even counting health insurance. You make 65k the government isn't helping you out.
This is also not counting property tax.
You're giving up 1.4k a month so the government can give you 1.4k a month (hopefully) when you turn 67.
The government uses your potential 3m-14.6m for its own needs in the meantime