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Taxing Life Ahead for 300 Millionth American
The 300 millionth American was officially born on Tuesday morning – and faces a life of higher taxes and a mounting financial burden.
"The 300 millionth American is in trouble,” said Matt Moore, an expert with the National Center for Policy Analysis (NCPA). "This poor tyke is going to have to pay for the irresponsible spending of the rest of us.”
The 300 millionth American will retire at age 67 in the year 2073.
That individual will have a life expectancy of 80.6 years if a male and 84.5 years if a female, compared to those retiring this year, who have a life expectancy of 69.6 years for a male and 75.7 years for a female.
That means at normal retirement age the 300 millionth American can expect to draw Social Security benefits for 13.6 years (male) or 17.5 years (female).
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But the year before this person retires, 43 percent of his or her income will go toward retirement programs, according to the NCPA.
And by 2073, a whopping 90 percent of income taxes paid will go to support elderly entitlement programs – and that’s in addition to payroll taxes supporting Social Security and Medicare.
The high tax burden results from America’s pay-as-you-go system of financing Social Security and Medicare benefits, the NCPA reports.
In 1940, there were 42 workers paying into the Social Security system for each retiree. By 2073, there will be only two workers to support each retiree.
Editor's note:
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