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Trusted local news leader for Prescott area communities since 1882
10:09 PM Fri, Sept. 21st

Letter: High wage earners' taxes support low-income benefits

EDITOR:

Tom Cantlon's column of Jan. 29, must be responded to. While it is true that low earners have a healthy percentage of their wages withheld and paid by their employers to governments as "taxes," what Cantlon does not point out is that the majority of those withheld "taxes" are Social Security and Medicare taxes. Both of these taxes are, theoretically at least, paid into trust funds for the exclusive future benefit of the individual taxpayer.

So, real taxes paid that are not designated for the exclusive future benefit of the individual taxpayer are minimal to none for the low earners.

It is, therefore, still true that high earners pay most of the real taxes not designated to the exclusive benefit of the individual taxpayer. In fact, the high earners' taxes paid beyond their own SS and Medicare taxes will in future years subsidize the low earners' Social Security and Medicare payments made on the latter's behalf.

Chuck Seeger

Retired CPA

Prescott Valley