Around that year was when it started yes.. when the feds were created
Discussion
So in the USA each State collects taxes for schools, roads, etc. What does your federal tax pay for?
Also that.. lol the feds give the states grants. So we pay taxes too both each year we file state and federal income tax
This is also correct. Two of the largest federal grants to states are the School Lunch Program (covers students up to age 21 if they are still in high school) and No Child Left Behind (Bush Jr’s program).
When there’s big disaster… like rain storm that floods homes & takes out power etc., who pays for that.. does the money come from the States taxes or Federal taxes?
Federal.. they fund a entity called FEMA and that's who steps in to "help"
Thank you. I see. Similar to Canada 🇨🇦 in that aspect
Also if we don't pay Healthcare we get penalties in some states. Also if I work a job hourly wage and I don't claim anyone on my taxes and I make to much money according to them I owe taxes now I get nothing back but a tax bill because I made to much money.. it fucking sucks lol
Oh wow
I see on the news, or on that political ladies dress she wore few yrs ago to the NYC Met Gala… “tax the rich”. Surely the rich are paying tax tho right??? Or what’s that all about?
The rich do not pay taxes because the rich understand how the tax laws work.. the tax law book has 2,652 pages right 2,000 of those pages tell you how to avoid taxes this is why they don't get in trouble.. the ones the really work the system and understand the tax laws
Wait… So couldn’t any regular person do the same thing then? Hire good accountant?
The rich own all the stocks as well right so they take out loans on their 1.7 million stock portfolio and its a loan and the never have to pay taxes on loans
From Intuit:
“The three biggest categories of expenditures are:
Major health programs, such as Medicare and Medicaid
Social security
Defense and security
Interest on the national debt and various safety net programs such as low-income assistance comprise a sizable chunk of national expenditures, while other categories such as transportation and infrastructure spending round out the government budget.”
Entitlements (social security and Medicare) make up the largest item, and have been projected to cripple the US economy due to projected eligibility growth.
Is USA social security like “old age pension”? After say age 65 they get monthly set amount of money, That’s what we call it here.
Or is social security, aka wellfare money for ppl that can’t or choose not to work?
Old people pension
Yes. The age is now 67.
The payment is a pittance, and almost nobody can live off it.
There have been several attempts by conservatives over the years to privatize social security, because it consistently underperforms private retirement investments.
At this point there is no money kept for social security. The money collected by people working today is directly transferred to retirees.
K, ya, same here too. Govt Pension is very little here, not enough to live comfortably
My grandmother receives about $900 a month. Not even enough to pay household bills once you include utilities. She’d be homeless.