More from Dave Ross:And to make it real, I’ll talk about my own situation. It’s a terrible betrayal of my privacy, but I’m sure my iPhone already knows all of this, so why not you?
My wife and I both get Social Security. We could live without it; we end up giving most of it away , but if our payments were cut, I’d feel cheated! I’ve paid into that program for 49 years and 11 months, and I expect the government to keep its promise. Then there’s my 401K. My deposits were tax-exempt, and those deposits have now been growing tax-free for 45 years. Yes, Iif I give the money to my alma mater, it escapes all taxes. Alma maters, of course, love this, which is why it’s in the tax code.
But when you add that tax break to the tax breaks on capital gains, and on employer contributions to medical insurance, and other breaks, it all adds up to another $1.2The numbers go on and on – and I haven’t even touched defense spending! Which is still more than China, plus India, plus the UK, plus Russia, plus the next five biggest defense spenders combined.ways to fix this.