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Political Factoid
It is often thought that wealthy
people have assets and "net worth"
and that the working people have
"wage income."
- It is true that most of the assets belong
to the wealthy and a higher percentage of
wealthy people have significant assets.
- It is also true that a working person
usually has some income.
- The assets of the wealthy "may"
produce income but it is often deferred
income, tax exempt income, or subject to
lower income taxes than wages.
- It typically takes $10 million to $30 million
in assets to produce $1 million in annual
income, and sometimes hundreds of
millions in assets to yield the same
income taxes as a million dollars of wages.
No wonder the wealthy people prefer taxes on
income from wage-based income, and are so
against non-wage taxes such as dividends,
capital gains, and corporate income.
cf.
3296
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