The Story of Mankind. WebEc - WWW Resources in Economics - Framed. RHS Plant Selector. For Catholics. Commanding Heights: Home | on PBS. Michio Kaku | Professor of Theoretical Physics, CUNY. Should Minimum Wage Earners Pay a Tax Rate 460 Times Higher than Millionaires? The question of the supposed simplicity and fairness of a flat tax keeps popping up every few years in political debate, most recently with the plans of Cain and now Perry. I just wanted to look at what this kind of flat tax would look like for people across the income range to see how fair and simple it would be. One question needs to be addressed before we can begin to look at real numbers. How much needs to be spent every month to meet the requirements of what the majority of people would consider to be necessities?
How much do we need to pay our rent/mortgage, utilities, food, clothing, medical expenses, etc.? On to real people (Fig. 1). Fig. 1: A person making $15,080 per year On to other real people (Fig. 2), the average American. Fig. 2: A person making $51,575 per year But, you say, the average American needs to spend a great deal more on “necessities”. Fig. 3: A person making $51,575 per year (higher "necessities") Fig. 4: A person making $1,000,000 per year.
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