I'm sure you understand marginal tax rates and progressive taxes, but you're probably surrounded by people who don't. This might help. Disregard the pound signs; since these a hypothetical figures, the units don't matter anyway. (via reddit)
I have had "discussions" with people who think the rich should be taxed according to their accumulated wealth. "Wealth" is a tricky term. We are losing family farms every year because the property taxes based on the value of the land, the farmer's "wealth", exceeds the families actual income.
Also, if someone owns stock and the price of the stock goes up, that person hasn't actually made any money. They have to sell it to make money. Until then, it is just property with an unrealized value, not income.
But but but Warren's tax plan won't work because she can't prove her Indian heritage, plus she probably didn't drink blueberry juice for lunch wearing red flannel long underwear.
Imagine Mr. Rocket just not knowing the difference between median and average.
"The median weekly income for wage and salary workers in New Zealand was NZ$55,120 per year (based on a 40-hour week)."
Of course, Māori receive a much lower average income. For example, Maori aged 40 to 60 earn $10,000 less per year than European New Zealanders. In total, the Māori population earn $2.6 billion per year less than they would if they all earned the average income for their age.
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I have had "discussions" with people who think the rich should be taxed according to their accumulated wealth. "Wealth" is a tricky term. We are losing family farms every year because the property taxes based on the value of the land, the farmer's "wealth", exceeds the families actual income.
Also, if someone owns stock and the price of the stock goes up, that person hasn't actually made any money. They have to sell it to make money. Until then, it is just property with an unrealized value, not income.
Elizabeth Warren's wealth tax plan wouldn't affect anyone worth less than $50 million, and it's pretty small for anyone worth less than a billion.
https://elizabethwarren.com/plans/ultra-millionaire-tax
But but but Warren's tax plan won't work because she can't prove her Indian heritage, plus she probably didn't drink blueberry juice for lunch wearing red flannel long underwear.
Imagine being surrounded by people who don't just know this.
Imagine having Miss Cellania thinking we are 'those' people, as she advises us to disregard the pound signs.
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Imagine earning £100k a year, (in US dollars that is $132k) in my money that is about $190k, the average wage here in NZ is $55k.
Imagine WilliamRocket read what I said in this post and still took it to mean the opposite of what I said.
Imagine Mr. Rocket just not knowing the difference between median and average.
"The median weekly income for wage and salary workers in New Zealand was NZ$55,120 per year (based on a 40-hour week)."
Of course, Māori receive a much lower average income. For example, Maori aged 40 to 60 earn $10,000 less per year than European New Zealanders. In total, the Māori population earn $2.6 billion per year less than they would if they all earned the average income for their age.
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