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I like to think of income as the amount of money someone receives on a regular basis while wealth is the length of time that person or family could maintain their current lifestyle without receiving compensation for performing additional work.
Income vs wealth definition. There is a big distinction when comparing income vs wealth. Wealth consists of those items of economic value that an individual owns while income is an inflow of items of economic value. Income is how much you earn wealth is how much you keep. The main difference between income and wealth is that the amount of money received on a periodic basis in exchange for the products or services provided or the capital invested is called income.
3 profits flowing to businesses and dividends distributed to shareholders. Make your money work for you. 2 money paid to people receiving welfare benefits such as the state pension and tax credits. Income is not the same as wealth.
Wealth can be defined as the assets or property which are held by a person during his course of life. 2 wealth takes a huge amount of time to acquire while income is earned immediately. Wealth assets liabilities anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset. Income is a flow of money going to factors of production.
Income is gained or received within a limited period. 1 wages and salaries paid to people from their jobs. I don t mean that as a comment on what tax policy should be but if you want to tax the buffetts and zuckerburgs of the world at a higher rate then income tax rates won t touch them. 1 wealth is the net worth of a person the total value of his assets minus his liabilities while income is the amount of money that a person received in return for his services sale of goods or profit from investments.
If you cant understand the difference between wealth and income you shouldnt comment on tax policy. Especially as it regards to tax policy.
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