Tuesday, April 18, 2006
MidClass is Overtaxed & People will Retire Poor
AssocPress: "An Ipsos Poll found almost 6 of 10 people, 58%, say the tax system is unjust, a number that is virtually unchanged from 2 decades ago. People think the middle class, self-employed & small businesses pay too much in taxes. And they think those w/ high incomes and big businesses don't pay enough. More than half, 58%, said mid-income families pay too much income tax and people were almost as likely, 54% to say that about low-income families. 6 in 10 said high-income families were paying too little in taxes. Well, that perception is accurate b/c the middle and low-income classes ARE overtaxed and overburdened in comparison to their wealthy counterparts. Combine that tax info w/ this news, and the future looks pretty bleak: "While there is no definitive standard for how much a person needs for retirement, according to an FDIC Report, many baby boomers appear to have a net worth insufficient to meet basic requirements to make ends meet upon retiring. BondDad explains the FDIC Report clearly here: "The single largest source of wealth for retirees is real estate. It is useful, to look separately at non-real estate assets for a realistic picture of available assets for a realistic picture of available assets retirees have accumulated. Although 94% of families headed by persons aged 45 to 54 held at least 1 type of non-real estate financial asset in 2004, the median holdings of financial assets for this group were only $38,600. So, outside of real estate (which is dependent upon a strong or stable real estate market if retirees are to make a profit), the boomers clearly have insufficient assets to retire." But since when has BushCo advocated anything helpful to retirees besides tax cuts for wealthy retirees only and raiding Soc Sec so he and his cronies can fund their war and agendas AND bankrupt the country all at the same time? Karmic Justice would truly result in George H.W. Bush and Barbara eating cans of cat food while living in a cardboard box 20 yrs from now.