Shocker: Most Americans Are Pretty Clueless When It Comes To Payroll Taxes
According to a new Rasmussen poll, a majority of Americans (54%) are aware that employers pay taxes on their employees over and above what the employees themselves pay (though it’s shocking that 46% either think the company doesn’t pay any taxes or doesn’t know).
But even given that majority, few know the extent of the taxes. Just 18% of poll respondents think the tax bill for an employee who makes $60,000/year is above $4,000/year. The reality is that the Social Security and Medicare taxes for that employee alone are $4,590/year, not counting other expenses such as unemployment and local taxes.
That so few Americans know how expensive the government makes it to operate a business and employ other people is troubling. Especially when some of our politicians blame our economic stagnation not on government taxes and red tape but the “greed” of “the rich” who “aren’t paying their fair share.”
And don’t you dare even suggest that these exorbitant taxes paid into entitlement behemoths like Social Security and Medicare might not be such a good deal for the employees and employers paying the taxes. You might get labeled an extremist.
Tags: Economy, election 2012, jobs, medicare, payroll taxes, social security
