Money for Savings Is Often Eaten by Taxes
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Why do so many of your stories about how people on $60,000 per year or so have a difficult time saving fail to mention the bite that taxes take?
In “His Trips to ATM Hurt Cash Mileage” [Money Make-Over, Dec. 23], the Social Security bite on $60,000 comes to $4,590.00. I’d be willing to bet that Chris Petrovic pays at least $10,000 in federal and state income taxes. Then there’s the 8%-plus on just about everything he buys. Of the $60,000 he is paid, he probably doesn’t get to use about $20,000.
Why not do a feature on what single people and married people with two children pay in taxes each year and what they are left to live on? Now, that would be a real community service.
HARVEY B. SCHECHTER
Sherman Oaks
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