When your outgo exceeds your income, the upshot may be your downfall.
Anyone who has followed the U.S. economy in recent years can tell you while corporate America and their wealthy executives have recovered from the last recession, middle-class families have not. About 95 percent of income gains between 2009 and 2012 went to the top one percent.
It’s hard to have any idea of how much money is enough to finance an appropriate lifestyle in retirement. But if a lump sum is translated into a monthly income, it’s much easier to determine whether you have enough put away to afford to stop working.
Globalisation, technological change, and the move to flexible labour markets has channelled more and more income to rentiers – those owning financial, physical, or so-called intellectual property – while real wages stagnate.
Socialism, reduced to its simplest legal and practical expression, means the complete discarding of the institution of private property by transforming it into public property, and the division of the resultant public income equally and indiscriminately among the entire population.
Even now – I’m 35 – I’ve been in a relationship for 15 years with a guy, and we have two full incomes and no kids, and it’s hilarious. We’re children, perpetually, because of this rock and roll thing. But it’s still so fulfilling.
Public social services, infrastructural policies, and so on are vital. But a basic income should be part of a package of reforms.
There are people who enjoy the life in England but don’t pay a penny in tax, whereas my footballers pay more than half their income in tax.
My favorite part of festival season is probably the disposable income at hand for me… I get booked for more, and I make more money.
I feel awful for women who are trying to raise kids on their own, with zero income and no fathers present – that’s single motherhood.
I started on an Apple II, which I had bought at the very end of 1978 for half of my annual income. I made $4,500 a year, and I spent half of it on the computer.
If every American automatically has health coverage, the age at which Medicare kicks in becomes a less fraught issue. We could gradually raise the age of Medicare eligibility a bit, according to income, and save money.
I think, in effect, in most of the European countries, the total marginal tax rate is over 50 percent; that’s to say, add on other taxes like VAT to the income tax.
We paid off our debts, we learned some, made friends and returned in 1950 with a larger view of life. I had, however, no home, no income of any kind and no prospects whatsoever.
Income inequality is one thing, but a permanent division into the haves and have-nots is an entirely different thing – and much less acceptable.
My dad died in 1980, and I found out afterwards from mum that my piano lessons, which cost £2 a week, took up nearly a third of his income.
Given Miami’s unique role in Airbnb’s roots, I’m particularly proud of how South Floridians have embraced home sharing as an opportunity to earn supplemental income and catalyze economic development in their communities.
By 1951, television had already made such inroads on the income garnered by motion picture companies that the Golden Era which had prevailed until then was beginning to disintegrate. And by 1953, it had come to an end. Hollywood was a dismal, tragic place.
We need to see the FLSA and the minimum wage as part of a larger struggle to cut poverty and to address the challenge of income inequality.
Our story is in two halves, as the band’s career up to Freddie’s death was 20 years, and 20 years later, our music is as popular as it was then. It’s a sort of everlasting… income.
Wishy-washy equivocations – and not just on abortion, but on immigration, on civil rights, on income inequality – weaken all of us.
Those things that you just do, if you put that together in a DVD program, let’s say, for $97, to teach people how to do that. Well, if you sold 100 of those a month, that’s $9,700 of income a month just teaching what you already do and know to people who want to learn how to do the same.
My wife’s income allowed me to do what I really loved. I realized that women’s liberation is men’s liberation, too.
It’s true that redistributing income to the needy is politically easier in a growing economy than in a stagnant one.
The first time I had disposable income, the two things I cared most about were a television and a couch.
If a lobbyist sets up shop, or a lawyer, in which they’re receiving income through what is something like a tax loophole so that it’s not counting as corporate income, that is what this is counting as a small business.
If someone has money, they can put their child in a private school, paying tens of thousands of dollars for tuition. But their child’s needs are met. What is lacking is options for that single mom with three kids, or just that intact family but lower income.
It’s good to give seniors more choices and more options, let them choose a plan that’s best for them and target assistance to the lowest income people.
Unlike every other retirement vehicle, such as IRAs and 401(k)s, you receive a tax deduction for making contributions to your HSA but don’t have to pay income taxes on withdrawals.
Here’s the truth. The proposed top rate of income tax is not 50 per cent. It is 50 per cent plus 1.5 per cent national insurance paid by employees plus 13.3 per cent paid by employers. That’s not 50 per cent. Two years from now, Britain will have the highest tax rate on earned income of any developed country.
In the 1880s, people all over the world looked to America for inspiration. Its very existence was proof that it was possible to have a relatively free and peaceful country. No income tax, no foreign wars, no welfare state, no intrusions on civil liberties.
We have to define and put into practice a better, more coherent and effective policy on income security.
I think for women especially, you need to have a plan. I need to have some other ways to generate income, so I don’t have to stretch my face or lift the top of my head with surgery or something.
At the end of the day, a playback singer has to depend on live shows as their source of income.
Lenders look at potential borrowers from many angles before extending credit: How much of its income will a household need to put into debt repayment? How large is the down payment? Does the borrower have a job with a stable income? What is the borrower’s credit score?
Most poor families are living completely unassisted in a private rental market, devoting most of their income to housing. When you meet people who are spending 70, 80 percent of their income on rent, eviction becomes much more of an inevitability than the result of personal irresponsibility.
The people who deserve and need subsidies are those who are on average incomes and less.
If Scotland is to have the power to fix its income tax rate for the whole country, England needs a body that can fix its income tax rate for the whole country.
Policies aimed at reversing globalization will lead only to a decrease in real income as goods become more expensive.
I’ve never wanted to get adjusted to my income, because I knew I wanted to go back to public service. And in comparison to what my mother earns and how I was raised, it’s not modest at all. I have no right to complain.
Without the ability to plant roots and invest in your community or your school – because you’re paying 60, 70, 80 percent of your income to rent – and eviction becomes something of an inevitability to you, it denies you certain freedoms.
While easy to understand, the income-based poverty line has limitations. Specifically, the median monthly household income measures only income without considering assets.
Anything in this culture that stands still long enough eventually becomes okay if a person can derive an income from it. Eventually, pay-per-view public execution will happen, and it will be half-time entertainment.
Most of us have not heard about Master Limited Partnerships. These special financing arrangements allow oil and gas investors to avoid paying certain corporate income taxes, but are not available to clean energy businesses.
I’m acting! And doing it for income! But it’s for something that I love, and that’s super rare.
Why not just eliminate the federal income tax?
Basic income would give people the most important freedom: the freedom of deciding for themselves what they want to do with their lives.
If there is one thing that most economists agree about in the realm of tax policy, it is that it’s best to broaden the base of any tax, all else being equal. That means minimizing the number of deductions and exclusions from taxable income in order to lower marginal rates and reduce distortions.
American capitalists, enthralled by the doctrines of finance, have put their income statements in service of the balance sheet.
What would ultimately de-escalate the challenges of society would be for people to get educated, especially for more women to be educated because when more women are educated, they invest much more of their time and income in ensuring that the next generation would perform even more than they have done.
Why the Tories are happy to subsidise home ownership for middle class graduates and affluent social tenants, but not for widows on low incomes, is simply beyond me.
