NEWSMAX
A 30-year-old American with a high school diploma earning $60,000 a year will ultimately pay $471,512 in federal taxes. If that amount were privately invested, it would grow to the tidy sum of $2,626,347.
That’s the finding from the MyGovCost.org website, which has devised a “tax calculator” to figure out how much various Americans will pay in taxes, and how much those amounts would produce if invested.
The calculator assumes that money would be invested in a diversified portfolio earning 6.09 percent a year, and that salaries would increase based on education levels. Figures are in current U.S. dollars.
According to the calculator, a 50-year-old with a high school diploma earning $75,000 would pay $290,738 in taxes, which would produce $863,323 if invested.
A 22-year-old with a bachelor’s or higher degree earning $40,000 would pay $642,674 in taxes, which would produce $4,345,286 if invested.
And a 30-year-old with a high school diploma earning $75,000 would pay $766,234 in taxes, which could grow to $4,083,643 if invested.
The calculator even breaks down how much a taxpayer would shell out for various parts of the budget. For example, the 30-year-old high school grad earning $75,000 would pay $91,902 for national defense, $163,725 for Medicare — and $117,399 for interest on the national debt.
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