- 15 May 2021 08:05
#15172548
This was written three years ago in 2018. It's probably worse now.
The U.S. federal government debt level has reached somewhere in the range between $122,500 to $174,000 per taxpayer.
50% of taxpayers claim less than $38,000 income. (Note this only includes people who actually pay taxes)
Only about 53% of the population pays any federal income tax (not counting withholdings or Medicare/Social Security taxes, primarily due to income level and tax benefits).
https://money.howstuffworks.com/only-53 ... me-tax.htm
The amount of interest that would have to be paid on $140,000 at 5% would be $7000.
Interest rates were above 5% between 1978 and 1998.
That's on top of personal debt.
A new study from Northwest Mutual finds that nearly three-quarters of Americans are in debt, with nearly half owing at least $25,000, excluding mortgages. The average debt load is $37,000, excluding mortgages, and more than 10 percent of survey respondents said they owe more than $100,000.
https://www.aol.com/article/finance/201 ... /22060294/
The average credit card holder owes $4000.
https://www.creditkarma.com/studies/i/a ... d-on-rise/
There is $8.88 trillion mortgage debt in the U.S. That's $113,000 per household that owns their home.
https://www.cnbc.com/2018/02/13/total-u ... llion.html
There's also $1.4 trillion in student loan debt. That's $31,800 on average for every person with student loan debt.
https://www.cnbc.com/2017/07/03/this-is ... loans.html
Try and yank more taxes out of people and it could potentially cause a large credit default.
The U.S. federal government debt level has reached somewhere in the range between $122,500 to $174,000 per taxpayer.
50% of taxpayers claim less than $38,000 income. (Note this only includes people who actually pay taxes)
Only about 53% of the population pays any federal income tax (not counting withholdings or Medicare/Social Security taxes, primarily due to income level and tax benefits).
https://money.howstuffworks.com/only-53 ... me-tax.htm
The amount of interest that would have to be paid on $140,000 at 5% would be $7000.
Interest rates were above 5% between 1978 and 1998.
That's on top of personal debt.
A new study from Northwest Mutual finds that nearly three-quarters of Americans are in debt, with nearly half owing at least $25,000, excluding mortgages. The average debt load is $37,000, excluding mortgages, and more than 10 percent of survey respondents said they owe more than $100,000.
https://www.aol.com/article/finance/201 ... /22060294/
The average credit card holder owes $4000.
https://www.creditkarma.com/studies/i/a ... d-on-rise/
There is $8.88 trillion mortgage debt in the U.S. That's $113,000 per household that owns their home.
https://www.cnbc.com/2018/02/13/total-u ... llion.html
There's also $1.4 trillion in student loan debt. That's $31,800 on average for every person with student loan debt.
https://www.cnbc.com/2017/07/03/this-is ... loans.html
Try and yank more taxes out of people and it could potentially cause a large credit default.