Every now and then I try and think about how much worse the next 20 could get and it boggles my mind as I can’t even fathom it getting worse then it is not. I imagine that we will be paying at least 50 percent in taxes and that is the low rate. Everything will be “free” but the requirements to get the “free” will be stringent that most won’t benefit. Social Security will be pretty much over so elderly will be out in the streets because the money they did invest is worth a penny so no money is coming in for them. Robots have taken over the majority of entry level jobs so only a very small amount of people are able to work. It is too frightening to even fathom what it will be like. I do know one thing, they will be monitoring what we eat, how fast we drive and a host of other things that we barely are free to do now.
“I imagine that we will be paying at least 50 percent in taxes and that is the low rate”
I live in New York City and my all-in tax rate is already 50 percent of my income.