
15 Cents of Every Dollar You Earn Goes to Funding These Government Programs
Out of every dollar you earn, fifteen cents goes directly to payroll taxes. Your payroll taxes fund Social Security and Medicare (both “pay-as-you-go” programs) benefits for current retirees. However, even those payroll taxes are no longer sufficient to cover the cost of those benefits. Social Security is already running massive cash-flow deficits to the tune […]