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  • From: Bill Jones <billj AT harborside.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] The GOP on government spending: Borrow 'til the Chinese own us!
  • Date: Wed, 26 Oct 2005 17:05:35 -0700

That's a combination of average sales taxes, state and federal income taxes, FICA, etc. It doesn't make sense to add in property taxes, because there's nothing there that's proportional to income. But realistically, it does indeed contribute to the total tax burden.

Social Security is so simple to comprehend, now that we know that there's no miracle compound interest being earned in a locked box. To find out what FICA taxes will be like in 2030, just multiply the present percentage by a ratio approximately equal to 3.2/1.96 (the ratio of # workers per retiree now, to the projected # of workers per retiree then). I think you'll find it comes out to over 20% just for FICA.

Of course, this doesn't account for things like economic collapse, because it assumes that the percentage of people employed will stay the same. And either way, the retired person's SS will reflect not only the percentage of people employed, but also how _well_ employed the average worker is.

Rob wrote:

At 10/25/2005 12:49 PM, you wrote:

If only there were some way to dismantle the LBJ spending machine, there
would be plenty of money. We're paying almost 40% in taxes, after all.


Show me how the fed is getting almost 40% of what I earn.



Rob
becida AT comcast.net
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