Kerby Anderson Commentary
Tax Cut in 1999?February 1, 1999
Do the American people deserve a tax cut in 1999? The answer should be obvious. After all, the federal budget is at a surplus for the first time in decades. In essence the federal government is collecting more taxes than it needs. Nevertheless, it is virtually certain that politicians will tell us these additional revenues must go to Social Security, Medicare, or other governmental programs. But before the politicians find ways to spend this surplus, let me remind you how much you are already pay in taxes.
First is the income tax. Every April 15, Americans pay over $768 billion of their hard-earned dollars to the federal government. Add to this the fact that forty-three states have a state income tax which is added on to the federal income tax. An average family of four pays $3300 in federal income tax and $960 in state and local tax.
In addition to the income tax is the payroll tax. Every pay stub records the amount you pay into FICA. In essence you lose 15.3% of what your employer would otherwise pay you.
The third tax is the sales tax. This is tacked on to nearly every purchase and forces consumers to pay an additional six to seven to eight percent. That takes an additional $160 billion from the pockets of Americans each year.
Property tax is a fourth tax. Most local governments levy an annual tax of 1 or 2 percent of the value of an individual's home and other property. An average family of four pays $1380 a year in property tax.
Well, I could go on and talk about death taxes and car taxes and gas taxes, etc. But you get the idea. Americans are paying a lot of taxes, and it's time for a tax cut. We are paying more in taxes than the government needs. Let's return some of those taxes.
I'm Kerby Anderson of Probe Ministries, and that's my opinion.
© 1998 Probe Ministries International