Friday, July 08, 2005

Another example of Social Security Screwing the Young

This is a good example of the problems with the current Social Security (and tax) system. A 21-year-old university student who is losing more than a third of his less-than-hefty paycheck to taxes. If this is a weekly check he is earning only $20k or so a year ... so why is he paying so much in taxes?

Also interesting that he understands the importance of saving for retirement, and is doing so voluntarily. Still, nearly a third of his taxes fund Social Security. If he is in a situation like mine was, he is also paying for school by borrowing and taking grants. So, we take from his paycheck only to return the money with strings attached so he can attend school. Does not sound so moral to me.

Just wait until he graduates and he finds the taxman's take goes up.


Post a Comment

<< Home