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Every time a politician tells you that they intend to fund something, give money to a cause, pay to fix a problem, or even sound like they’re trying to buy your vote, remember: they’re using your money.
Most Americans don’t realize that the government is funded by the taxes you pay every day. You’re taxed when you’re paid for your job. You’re taxed when you buy things. You’re taxed when you sell things. Any time you exchange money, or even just own an asset big enough (like a home, car, et cetera), the government takes a little bit more of your money to do with as they please.
This process has basically remained unchanged, only growing gradually closer to the days of pre-war America, when Britain was still our ruler.
Stats on Tax
Most Americans don’t think corporations pay their fair share of tax. And this is correct. Every time you go to a store and “round up to the nearest dollar,” the megacorporation uses that donation to offset its tax burden. “Among Democrats and Democratic-leaning independents, about three-quarters say they’re bothered a lot by the feeling that some corporations (77%) and some wealthy people (77%) don’t pay their fair share. Much smaller shares of Republicans and GOP leaners share these views (46% say this about corporations and 43% about the wealthy),” according to Pew Research.
“Republicans are more likely than Democrats to say they pay more than their fair share (63% vs. 50%), though the share of Democrats who feel this way has risen since 2021. (The share among Republicans is statistically unchanged from 2021),” Pew continued.
Most people (53%) are frustrated by the U.S. tax system and how complicated it is, while 51% of people held a negative view of the IRS. (TAKE A POLL: Is the Government Doing Enough to Address Unemployment?)
You, The Individual
“The federal government expects to collect about $2.5 trillion in individual income taxes in fiscal year 2024. That accounts for nearly half (49%) of its total estimated receipts for the year. The next largest chunk comes from Social Security taxes (including those for disability and retirement programs), which are projected to pull in $1.2 trillion this fiscal year (24%),” Pew noted. (TAKE A POLL: Do You Feel Confident About the Current State of the Economy?)
This is just one way the federal government impacts your life every single day. You pay for the government to exist and do its job. And you can decide whether your returns are worth your investment.
How Do You Feel?
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