Per Capita Income: Difference between revisions
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(Created page with "*It includes every man, woman, and child. [https://www.census.gov/quickfacts/fact/note/US/INC910218#:~:text=Definition,total%20population%20in%20that%20group]") |
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=Definitions= | |||
*It includes every man, woman, and child. [https://www.census.gov/quickfacts/fact/note/US/INC910218#:~:text=Definition,total%20population%20in%20that%20group] | *It includes every man, woman, and child. [https://www.census.gov/quickfacts/fact/note/US/INC910218#:~:text=Definition,total%20population%20in%20that%20group] | ||
*Purportedly $64k in the USA [https://www.google.com/search?q=usa+per+capita+income&oq=usa+per+capita+income&aqs=chrome..69i57j0l7.4007j0j4&client=ubuntu&sourceid=chrome&ie=UTF-8]. This is highly misleading, as this is skewed significantly towards the upper range, as $64k for every man, woman, and child would mean everyone is living like a king | |||
=American Pie Chart= | |||
Top 1% in the USA have 43% of the wealth, and bottom 80% have 7% of the wealth in 2010. Source: [http://currydemocrats.org/in_perspective/american_pie_save_130529.html]. Gee, is there something wrong with this picture? | |||
[[File:americanpie.jpg|400px]] | |||
=Is Taxation Fair based on Income Bracket?= | |||
If we believe the above graph and the graph below [https://www.ntu.org/foundation/tax-page/who-pays-income-taxes] - | |||
[[File:taxbybracket.png|600px]] | |||
Then the conclusion is: | |||
'''Taxation in the USA indeed appears to be quite fair for personal income tax - because the top 1% have about 40% of the wealth, and they pay about 40% of the total income taxes.''' | |||
Is that a fair assessment? | |||
Latest revision as of 19:08, 1 July 2020
Definitions
- It includes every man, woman, and child. [1]
- Purportedly $64k in the USA [2]. This is highly misleading, as this is skewed significantly towards the upper range, as $64k for every man, woman, and child would mean everyone is living like a king
American Pie Chart
Top 1% in the USA have 43% of the wealth, and bottom 80% have 7% of the wealth in 2010. Source: [3]. Gee, is there something wrong with this picture?
Is Taxation Fair based on Income Bracket?
If we believe the above graph and the graph below [4] -
Then the conclusion is:
Taxation in the USA indeed appears to be quite fair for personal income tax - because the top 1% have about 40% of the wealth, and they pay about 40% of the total income taxes.
Is that a fair assessment?