PERSONAL INCOME TAX RATES Assessment Year 2010, 2011 and 2012 Chargeable Income | Calculations (RM) | Rate % | Tax(RM) | 0-2500 | On the First 2,500 | 0 | 0 | 2,501-5,000 | Next 2,500 | 1 | 25 | 5,001-10,000 | On the First 5,000 Next 5,000 | 3 | 25 150 | 10,001-20,000 | On the First 10,000 Next 10,000 | 3 | 175 300 | 20,001-35,000 | On the First 20,000 Next 15,000 | 7 | 475 1,050 | 35,001-50,000 | On the First 35,000 Next 15,000 | 12 | 1,525 1,800 | 50,001-70,000
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Income Inequality in America is a problem that’s been going on for decades, and many feel that it hardly exists, the many people that feel that way are highly uneducated, and seem to not really care about this tremendous problem that in one’s eyes really has no end in the near future, in fact it has been gradually rising and one feels that it’s just not fair. Unfortunately, there’s not much that can be done, only of course if the poor class of people decide to actually educate themselves and get
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Running head: INCOME DISTRIBUTION IN THE UNITED STATES Income Distribution in the United States and the Lorenz Curve 1 Market economies are favored and well-known for generating macroeconomic growth and progress in industrialized nations, such as the United States. Numerous academic studies and economic research have been done not only to measure economic growth, but also to analyze any disparities in income distributions among the general American population. This paper will examine trends
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Urban-rural Rising Income Inequality in China As a developing country, China is trying to develop its economy and solving the threat of poverty since the economic reform. As a well-known economist Arthur Lewis said that "development must be inegalitarian because it does not start in every part of the economy at the same time" in 1954 (Lewis, 1954). It is also true for China. The income inequality issue between poor and rich increased faster, which has a negative impact as China tries to become a
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Draft An End in Itself and a Means to Good Ends: Draft Why Income Equality is Important Arthur MacEwan[1] March 2009 “The social system is not an unchangeable order beyond human control but a pattern of human action.”—John Rawls (1971, p. 102) In recent years “poverty reduction” has become the watchword in development agencies, in international lending institutions, and among development economists generally. The focus on poverty reduction reached a
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How is tax computed on rental income? DNA / Sandeep Shanbhag / Wednesday, September 7, 2011 8:00 IST Tax is applicable where there is income and essentially there can be only two kinds of incomes related to property — rental income and capital gains when property is sold. Tax on rental income The basis of calculating income from house property is the rental value. This is the inherent capacity of the property to earn income. Property income is perhaps the only income that is charged to tax on a notional basis
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given income level. Types of proportional taxes include most excise taxes, general sales taxes, and employment taxes (FICA and FUTA). All of these taxes are a fixed percentage and are not subject to change. A tax is progressive, however, if a higher tax rate coincides with a higher tax base. Examples of this include the Federal income tax, Federal gift and estate taxes, and most state income tax rate structures. Those that make a higher income are given a higher tax rate on their federal income tax
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Since the recession that began in 2008, the issue of income inequality has been a central tool of political strategizing. Progressives have used the issue as a sword against conservatives, accusing the latter not only of indifference toward the plight of working Americans but of actually welcoming the widening gulf between rich and poor, as if conservatives want nothing more than to see the wealthy become wealthier, even if it is at the expense of the poor. At the same time, however, conservatives
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The Size and Distribution of Hidden Household Income in China Xiaolu Wang National Economic Research Institute China Reform Foundation C510 Guo Hong Building, No. A-11 Muxidi Beili Xicheng District, Beijing, 100038, China wangxiaolu@neri.org.cn Wing Thye Woo Economics Department University of California Davis, California 95616, USA wtwoo@ucdavis.edu and School of Finance Central University of Finance and Economics Beijing, China December 25, 2010 revision This article is part of
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INCOME INEQUALITY AND POVERTY It is no question that there is a disparity between the haves and the have-nots. There is a gap between the rich and the poor. The adjectives used to describe those people are “upper”, “middle”, and “lower class” people. We know that a person’s earnings depend on supply and demand for that person’s labor. Of the Ten Principles of Economics, two of them come into play here. The first is that governments can sometimes improve market outcomes. The other being, people
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