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Doc. John, worked for one of the 10,000 American companies winch invested $40 billion tax-free, in employee retirement {dans. John and Mary will draw $7,000 annually' from such a plan and $1,900 annually from social security. With an income tax of $798 a year On the $9,000 annual inc me, they are sitting pretty.
John’s maiden sister, Susan, 64, would like to retire, too, but she is not a beneficiary of a private retirement plan, and can’t afford to. She pays the same federal income tax_$798_....on her $4,900 annual income as John and Mary do on their $9,000.
Perhaps you know of several executives of moderate-sized businesses who have \taxable income of $15,000 a year. Let us look at four in this class. Jones, married and past 65, pays Uncle Sam $2,780 in income taxes. Brown, married but under 65, pays $2,960. Smith single but over 65, pays $3,744. Me Closky, a widower under 65, pays $4,002. . Our tax laws discriminate in tavor of retired persons, regardless of how wealthy they may be, and against those who still work. John and Mary’s income 'from social security is tax free. So were the employer contributions to social security and to the employees’ retirement plan. , Present tax laws discriminate in favor of persons over 65, regardless of wealth, and against young per
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