V
vern_humphrey
Guest
And the FICA tax doesn’t allow for day-to-day expenses. The money is taken, right off the top, by force of law.Your figures did not account for his day-to-day expenses. Most people on minimum wage do not have a lot of discretionary spending money, unless they are living at home, rent-free.
So a person on mimimum wage can save over $1,700 a year – because he alredy does save that much. It’s taken from him in the form of the FICA tax.
Now, if that money went into a reasonable investment program, instead of being ripped off and squandered by the government, he wouldn’t see a penny less in actual take-home pay. But when he reached retirement age, he’d have more than a million and a half.
But where is our committment to that? Our Catholic schools are closing down and attempts to hold the Public School system accountable (like No Child Left Behind) are fought tooth and nail by the education establishment.I agree that things would be much improved if everyone had a good and appropriate education.
And it isn’t because we don’t put enough money in the system – here in Arkansas (currently 48th in the nation economically) we pay an average of $9,000 per child per year. That’s enough to put them through Harvard!!