V. Saxena writes that nine charts from the Heritage Foundation perfectly demonstrate why this year’s tax day, April 18, was especially depressing.
Specifically, the charts show where our hard-earned money winds up going, and trust me when I say that the information you are about to view is apt to give you a headache.
Family Spending vs Government Spending
This first chart shows that if the average family made $54,000 in 2015 but spent it as if it were the government, it would have spent $61,000 and accrued an additional $7,000 in debt, all while ignoring the $260,000 it already owed.
Where Our Money Goes
The following chart shows that over half of our money winds up being funneled into entitlement programs. Included among these programs are food stamps, Medicaid and other frequently abused welfare schemes.
The next chart reveals that by 2033, the vast majority of the revenue that the government collects will be used just to pay off interest on our federal debt and keep our bloated entitlement system alive and well.
Your Children’s Share Of The Debt
It gets worse. Any child born in 2016 will automatically owe $42,000 in public debt on his or her day of birth. Moreover, that amount will grow to a whopping $116,904 in public debt by the time he or she reaches the age of 34.
Our High Tax Rates
In addition, the United States holds the highest corporate tax rate in the world. This absurd rate disincentives everyday Americans from starting businesses of their own, because who would want to fork over nearly 40 percent of their business earnings to the crony government?
More You Make, More You Pay
Because of the structure of America’s tax system, the top 10 percent of earners pay 70 percent of all federal income taxes. This means that the more money you make, the more money you pay to “uplift” those at the bottom.
Paying For Debt
Debt produces more debt courtesy interest and other such things. America’s debt keeps increasing, and as such, it must pay more and more every year just to service this debt, let alone deal with wars and other crises.
Mandatory Spending On The Rise
Mandatory spending, which primarily covers entitlement programs such as Medicaid and welfare, already compromises two-thirds of the annual budget and is growing at an unprecedented pace.
Houston, We Have A Spending Problem
Last but not least, America suffers from a spending problem, in that we spend far more than we actually earn. And until our political leaders learn the meaning of fiscal discipline, our spending problem will continue to grow worse.