About 70 million households pay federal income tax every year. Federal income tax is used, in part, to pay interest on our debt.
Last year, interest on our debt was $224 billion. That means, for the 50% of households who are actually paying federal income tax, an average of $3200 of each of those households' tax dollars went toward paying interest on our debt.
Did you pay net federal income taxes, or did you get a net refund? If you paid, how do you feel about so much of your money being spent on interest?
I just finished my taxes. After paying all year I find I sill owe $1600.
If you want a lifestyle beyond your means and are willing to borrow to support it then you must be willing to pay the interest. I just surely wish a little of that borrowed principle had come to me rather than me paying interest so somebody else can live beyond their means.
Don't worry, we learned our lesson. Since we have been spending $1000 Billion more than we have every year, we have decided to be responsible and only spend $920 Billion more than we have every year. Problem solved.
It's ridiculous, and it's theft. NOBODY would support the government taking their paycheck to pay the credit card bill of their neighbor, but that's actually what is happening.
$3200 is what I would've made in 4 months if I were still working at Walmart.
I got roughly $400 per check (totaled bi-weekly) for ~33 hours of work per week.
After taxes, of course.
Ah, sorry, I'm tired and thought you said 8 months.
You probably wouldn't like it if the government took 4 months of your money to pay its credit card payment, would you?
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