Will Less Than 2% of Americans Fix Our Financial Problems?
By Dr. Glenn Mollette
According to the IRS, a $400,000 or more annual household income represents America's top 1.8% income-earners. Per IRS Publication 6292, there were 154 million tax returns filed in 2019, thus approximately 2.8 million people earn over $400,000.
330 million people live in the United States. (2020 Census) Millions of illegals have and are coming so this number is on steroids.
69.1 million people received benefits from programs administered by the Social Security Administration (SSA) in 2019. 5.7 million people were newly awarded Social Security benefits in 2019. (SSA)
2.8 million people making over $400,000 a year cannot solve the financial problems of America’s government. Telling Americans that we are going to stick it to the rich or 1.8% of our country to carry 70 million retirees and millions of illegals flooding into our country is just political rhetoric.
Most people aren't doing great when it comes to saving for the future: A 2020 SSA study found that 40% of Americans rely on Social Security as their sole source of retirement income. The average annual Social Security benefit for a worker is nearly $20,000, hardly enough money for most retirees to subsist on. (CNBC)
The United States Department of Labor data shows that there were 113,062 pension plans in 1990, but only 46,869 in 2018. The average private pension in the United States today is about $10,788, according to data from the Pension Rights Center. (Annuity.org)
In 2023, the year in which the legislation will increase tax revenue most, individuals making less than $10,000 per year will pay 3.1% more in taxes and those making between $20,000-30,000 per year will see a 1.1% tax increase, the Joint Committee on Taxation (JCT) analysis showed. Tax revenue collected from those making $100,000 per year or less would increase by $5.8 billion in 2023 under the Inflation Reduction Act.
In addition, the share of tax revenue collected from all Americans making more than $200,000 per year would remain at the current percentage, according to the JCT. Taxpayers with an annual income of $200,000 or greater pay more than 57% of all federal income taxes.
Will America’s seniors eventually pay more in taxes? Currently retirees may pay income tax on up to 85% of benefits if your combined income is more than $34,000. Combined incomes between $32,000 and $44,000 may be taxed up to 50% of the total, and above $44,000 may be taxed up to 85% of the total. if you're married and filing a joint return. Do you think these numbers will go down? There is only one way that taxes have gone in America – up.
Our problems cannot be fixed by one small group of America’s people. We must have a flat tax for eveyone making over $50,000. We have to stop the influx of illegals. We must be self sufficient in energy and manufacturing. Many retirees who are physcially able may have to go back to work to survive inflation.
In the meantime Government must help us by elminiating the billions of dollars wasted each year. Also, they need to stop trying convince us that they are going to fix our problems by only going after 1.8 percent of the America people.
Dr. Glenn Mollette is a graduate of numerous schools including Georgetown College, Southern and Lexington Seminaries in Kentucky. He is the author of 13 books including Uncommon Sense, Grandpa's Store, Minister's Guidebook insights from a fellow minister. His column is published weekly in over 600 publications in all 50 states.
