Sunday, October 5, 2008

The Dreaded Taxes on Income

I was looking at my paycheck stub when I received it from work last Friday after reading a Benjamin Franklin quote that got me thinking about the Income Tax:

"It would be a hard government that should tax its people one-tenth part of their income." - Benjamin Franklin


Last week I made a total of $354.84, but due to the taxes on every week of my paycheck, it was reduced down to $289.46. Which would be a 19% decrease in the amount of money I made for the weak. That is close to $60 dollars off my paycheck which could be the majority of one day of work. If we took it off only one day of work I would make $8 dollars for that day, which is less than what I make per hour.

I don't about the rest of America, but 19% seems a bit excessive, and 1% seems 1% too much. We are supposed to be a Republic, not a Democratic Socialist country as is found all over Europe and on our borders. The Income Tax and FICA are socialist monstrosities.

FICA is the acronym for the Federal Insurance Contributions Act. This act mandates that an employer withhold a set percentage of an employee’s salary each pay period. FICA also requires that the employer match the employee’s amount and contribute the money to a government account known as the Social Security Trust Fund. This fund provides retirement income, as well as disability insurance, Medicare, and benefits for survivors.


After reading that.. I just felt more socialist.

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