Americans Pay Taxes Rather Than Saving

5

by Gary North

Americans pay around 40% of their income to various governments. Then they find that they have no savings. At least one-quarter of Americans have no savings for retirement.

Actually, most of these zero-thrift people pay no federal income tax. But they do pay Social Security and Medicare taxes if they work. They hope that when they retire, the government will support them. They trust Congress. Congress has promised them that the government will take care of them. They believe!

Silly people.

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