Did you know the US Government can devalue your currency at will, without much in the way of Congressional oversight and restrictions?
And it is not only an income tax, it is a tax on everything you own that is directly linked to currency - everything you hold in a dollar denomination.
Currently, based on the trend of the past six months, the annual taxation rate is a 40% loss of your net worth. That's based on the Japanese Yen.
http://www.metaquotes.net/forex/usdjpy/
This is a "hidden" tax that no one discusses very much on Capital Hill. But it is very real, and a direct result of the Federal Government spending money that it doesn't have (i.e. "printing money" without value). The money that the Federal Reserve pumps into the economy (in this election year) is created from valueless thin air. And massive amounts are being created.
All this makes what you hold in Dollars, and your salary, worth much less over time.
This is how the Social Security issue is being solved. Yes, you will get your predicted SS check for (say) $1500 a month in retirement. It will be approximately enough to pay your monthly electrical bill - not your living requirements.
Invest in something with more lasting value. Ideally, borrow money today to buy something of lasting value (real estate?) and pay it back later with money worth much less. [ The trick is to keep your income so that you can pay back the loan. ] [ The other trick is making your income steady - how can you get a 40% annual pay increase? ]
This should be an election issue.
Ken300D