You May Already Be A Loser: New HTA Video!

APRIL 11, 2013

http://www.youtube.com/watch?feature...&v=rOQgjPHbv4c

Today, the Free Enterprise Alliance launched a powerful new video to help Americans visualize their share of the national debt. Satirizing the famous Publisher’s Clearing House awards videos, “You May Already Be A Loser” is a punch in the gut for taxpayers — and their kids.

How did we arrive at $710,732 for the Andersons’ lifetime tax liability?

Source: http://www.forbes.com/sites/moneybuilder/2011/03/17/how-much-do-you-pay-in-taxes-over-your-lifetime/

“According to the Bureau of Labor Statistics, the average income across all occupations in the U.S. is $43,460. Under the circumstances described, this taxpayer would have a tax bill of $4,713 on a 2010 federal tax return.

Project that over the course of a 40-year career, and this taxpayer would be looking at a lifetime tax bill of $188,520. Of course, no one earns the exact same amount over the course of 40 years, but the assumption here is that this taxpayer earns a career average of $43,460, so that lower wages in the early years are balanced out by higher wages in the later years.

Of course, one other reality to take into account is inflation. Applying a 3 percent annual inflation rate to the tax liability gives this average earner a lifetime tax bill of $355,366.”

We gave Bob & Katie very average jobs and then multiplied $355,366 x 2 … which is 710,732

This entry was posted inFree Enterprise Alliance, Intrusive Government, The Economy