Here's how it works. For every $1.00 the employer pays you, they have to pay the government about 24 cents: FICA, Medicare, FUTA, SUTA, Worker's comp. That's 24 cents the employer is paying for your labor that you don't see. The government gets it.
Now, for every dollar you receive, the employer withholds by law about 24 cents to cover your income tax and your portion of FICA and Medicare. Thus, for every $1.24 worth of labor you provide, you net only about 76 cents. The government takes 48 cents. You end up receiving only 61% of the value of your labor income. The government gets 39%!
And that's today. Imagine what it's going to become if Hillary or Obama get elected and pass their socialized healthcare! Hillary said she will *force* every one to buy it. So, even if you are young and healthy, you won't be able to avoid paying her fee for insurance. You're going to see your 61 cents take on your $1.24 worth of labor drop down to, I'd bet, under 50 cents.
2007-09-18
17:23:25
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19 answers
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asked by
Anonymous