It sounds like a silly question. “Who owns your paycheck?” Well, you do of course! Don’t you? I’m not so convinced….
Who Owns Your Paycheck?
We all work hard. We wake up before the sun, drag ourselves to the office, expel all of our brain power, and then come home defeated, day in and day out. All for that glorious paycheck. Only…it’s not nearly as good as we think it is.
Let’s say you have a household income of $90,000. Pretty good! Especially considering that the median household income is just $53,657. But how much of that money is actually making its way into your pocket?
1) The Government’s Sticky Fingers
Income tax, as we know it today, began in 1913. The government could no longer sustain itself and began mandating a tax on each individual’s income. In 1943, the Current Tax Payment Act took it one step further and . . . → Read More: Who Owns Your Paycheck?