Washington's Millionaires Tax will charge a 9.9% tax on annual household income above $1 million starting in 2029. It will be used to put money back into working families' pockets, providing up to $1,330 to help pay for rent, bills, etc.—budgetandpolicy.org
Category: MIT8
Incomes and Inequality
Keywords: Factor markets, Value of marginal product, Lorenz curve, Gini ratio, income redistribution
Parkin 14e Chapters 18, 19, 20
Bade-Parkin 9e Chapters 19, 20
Parkin-Bade Canada 11e Chapters 18, 19
Parkin-Bade Australia 2e Chapters 19, 20
Parkin-Powell-Matthews 11e Chapters 17, 18, 19
Fairfield County and a K-Shaped Economy
A recent tax bill has increased income inequality in Fairfield County. Higher-income households, concentrated in towns like Greenwich, have seen rising after-tax incomes due to tax cuts. Lower-income households, concentrated in towns like Bridgeport, have experienced stagnant or declining incomes as eligibility for government benefits has been reduced.—ft.com
How Does Prize Money Work in Tennis?
Tennis players participating in tournaments are compensated based on the round in which they lose, with payouts escalating exponentially as the player continues to win. A first-round loser at the 2025 Miami Open received $23,760, the tournament runner-up won $598,000, and the champion won $1.12 million.—sportico.com The Darker Side of Tennis Players’ Earnings Tennis has … Continue reading How Does Prize Money Work in Tennis?
Income Tax Thresholds in the UK
In 2022, the UK froze income tax thresholds instead of raising them each year in line with inflation. The current Chancellor (Finance Minister) is being advised to extend the freeze for another two years.—theguardian.com
President Lincoln Imposes the First Federal Income Tax
On August 5, 1861, President Lincoln imposed the first federal income tax by signing the Revenue Act. Strapped for cash with which to pursue the Civil War, Lincoln and Congress agreed to impose a 3 percent tax on annual incomes over $800.—history.com
Income Inequality in Latin America
Children from high-income families acquire more skills than those from low-income families, which creates half of the current generation’s income inequality. But transfers and large wage increases for low-income workers decreased income inequality in Latin America between 2000 and 2010. Latin America relies more on regressive taxes than on progressive ones. –economist.com
To Surge or Not to Surge: the Algorithm Is the Question
From rides to burgers, consumers may balk when differential pricing comes to their favorite real-world business.—ft.com, March 11, 2024
Maersk Cuts 10,000 Jobs as Shipping Demand Falls
Maersk already cut 6,500 jobs earlier this year, but the firm says worsening prices for shipping by sea require further job cuts. The Entertainer Toy company, which engages Maersk to ship its freight has seen prices fall from $18,000 per container last year to $2,000 today.—bbc.com
Auto CEOs Make 300 Times What Workers Make. How That Stacks Up
The ratio of automakers’ CEO’s pay to the median autoworker’s pay equals 300. Industries that employ highly skilled and well-compensated workers have relatively low pay ratios. Industries with many low-wage workers have relatively high pay ratios.—wsj.com
Robots are Pouring Drinks in Vegas
Check-in kiosks have replaced people at hotel front desks. Robots serve food and pour drinks. Technology won’t eliminate all jobs, but people need to move to occupations that are more highly skilled. —npr.org