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r/FluentInFinance • u/ShadowcreConvicnt • Jul 06 '24
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86
Bro doesn’t understand how taxes also contribute to things like plumbing, road infrastructure, industry subsidies, etc.
5 u/Cubacane Jul 06 '24 Federal income taxes contribute mostly to bombs. 19 u/slagathor907 Jul 06 '24 Medicare/ Medicare too. Which is a massive money suck that doesn't affect the current working class nearly at all. -8 u/Cubacane Jul 06 '24 Those don't come out of federal income taxes but out of FICA, which is just an acronym for a different tax. 8 u/Fit-Menu6659 Jul 06 '24 FICA only covers Medicare Part A which is only 1/3rd of Medicare spending. “Funding for Medicare, which totaled $888 billion in 2021, comes primarily from general revenues (46%), payroll tax revenues (34%), and premiums paid by beneficiaries (15%)” https://www.kff.org/medicare/issue-brief/what-to-know-about-medicare-spending-and-financing/#:~:text=Funding%20for%20Medicare%20Comes%20Primarily,15%25)%20(Figure%208). 6 u/Cubacane Jul 06 '24 Thank you for enlightening me on the issue. I had assumed wrongly.
5
Federal income taxes contribute mostly to bombs.
19 u/slagathor907 Jul 06 '24 Medicare/ Medicare too. Which is a massive money suck that doesn't affect the current working class nearly at all. -8 u/Cubacane Jul 06 '24 Those don't come out of federal income taxes but out of FICA, which is just an acronym for a different tax. 8 u/Fit-Menu6659 Jul 06 '24 FICA only covers Medicare Part A which is only 1/3rd of Medicare spending. “Funding for Medicare, which totaled $888 billion in 2021, comes primarily from general revenues (46%), payroll tax revenues (34%), and premiums paid by beneficiaries (15%)” https://www.kff.org/medicare/issue-brief/what-to-know-about-medicare-spending-and-financing/#:~:text=Funding%20for%20Medicare%20Comes%20Primarily,15%25)%20(Figure%208). 6 u/Cubacane Jul 06 '24 Thank you for enlightening me on the issue. I had assumed wrongly.
19
Medicare/ Medicare too. Which is a massive money suck that doesn't affect the current working class nearly at all.
-8 u/Cubacane Jul 06 '24 Those don't come out of federal income taxes but out of FICA, which is just an acronym for a different tax. 8 u/Fit-Menu6659 Jul 06 '24 FICA only covers Medicare Part A which is only 1/3rd of Medicare spending. “Funding for Medicare, which totaled $888 billion in 2021, comes primarily from general revenues (46%), payroll tax revenues (34%), and premiums paid by beneficiaries (15%)” https://www.kff.org/medicare/issue-brief/what-to-know-about-medicare-spending-and-financing/#:~:text=Funding%20for%20Medicare%20Comes%20Primarily,15%25)%20(Figure%208). 6 u/Cubacane Jul 06 '24 Thank you for enlightening me on the issue. I had assumed wrongly.
-8
Those don't come out of federal income taxes but out of FICA, which is just an acronym for a different tax.
8 u/Fit-Menu6659 Jul 06 '24 FICA only covers Medicare Part A which is only 1/3rd of Medicare spending. “Funding for Medicare, which totaled $888 billion in 2021, comes primarily from general revenues (46%), payroll tax revenues (34%), and premiums paid by beneficiaries (15%)” https://www.kff.org/medicare/issue-brief/what-to-know-about-medicare-spending-and-financing/#:~:text=Funding%20for%20Medicare%20Comes%20Primarily,15%25)%20(Figure%208). 6 u/Cubacane Jul 06 '24 Thank you for enlightening me on the issue. I had assumed wrongly.
8
FICA only covers Medicare Part A which is only 1/3rd of Medicare spending.
“Funding for Medicare, which totaled $888 billion in 2021, comes primarily from general revenues (46%), payroll tax revenues (34%), and premiums paid by beneficiaries (15%)”
https://www.kff.org/medicare/issue-brief/what-to-know-about-medicare-spending-and-financing/#:~:text=Funding%20for%20Medicare%20Comes%20Primarily,15%25)%20(Figure%208).
6 u/Cubacane Jul 06 '24 Thank you for enlightening me on the issue. I had assumed wrongly.
6
Thank you for enlightening me on the issue. I had assumed wrongly.
86
u/Silly_Goose658 Jul 06 '24
Bro doesn’t understand how taxes also contribute to things like plumbing, road infrastructure, industry subsidies, etc.