Be careful what you ask for.
Here is an easy way to increase federal and Social Security tax revenue by up to $4 trillion over the next ten years.
So, what do you think! More likely have you even ever thought about this significant tax benefit?
Because both the employer-paid share and employee-paid share (via Section 125 cafeteria plans) are exempt from income and payroll taxes, the combined annual tax revenue lost by the federal government is estimated at $280 billion to $300+ billion per year. (Tax Policy Center).
Over a 10-year budget window, this tax break costs the U.S. government roughly $3 trillion to $4 trillion in uncollected taxes.
Gee, there are probably uninformed Americans among us who may even call this “socialism”
