Quote:
Originally Posted by PaulS
The fed. government takes more from those states in taxes and gives back less on a per capital basis than it does from poor conservative states?
Interesting to see the states most dependent on fed aid:
https://commodity.com/blog/federal-aid-states/ |
What you always leave out, is that the fed (until Trump stopped it), gave residents of high-tax blue states a big federal tax deduction, not available to residents of low-tax red states. I'm referring to what used to be an un-capped deduction for state and local taxes, which is a big federal income tax break for residents of high tax blue states, paid for by people in low tax red states.
Paul, my brother retired after 37 years in education in June. For most of his career, he put 6% of his salary towards his pension, which will pay him 75% of the average of his 3 highest annual salaries, starting at age 59.
That math is a joke.
Compare to social security, where between me and my employer, I contribute 14% of my salary to the plan, and for my age, I'm not eligible until I'm 67, which would be 45 years of service, and I won't get ANYWHERE near 75% of the average of my 3 highest salaries.
I contribute twice as much to SS as he did to his pension, for 8 years longer, to get about one-third of the annual payment that he gets.
The math is stupid. And that's why we are where we are. When you spend more than there is, you get into serious trouble.