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Comments on: The Visible Hand in Economics Fri, 05 Dec 2025 13:50:02 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Reply: On flat tax « The visible hand in economics http://www.tvhe.co.nz/?p=419/#comment-1426 Sun, 13 Jul 2008 01:49:53 +0000 http://tvhe.wordpress.com/?p=382#comment-1426 […] is an issue we have discussed before in this post. In the post we asked “what is the equality-efficiency trade-off” and “is the tax […]

]]> By: spaiwbnjv jkiaq http://www.tvhe.co.nz/?p=419/#comment-1425 Fri, 20 Jun 2008 22:32:26 +0000 http://tvhe.wordpress.com/?p=382#comment-1425 kwjst mpaxfo cupytzb irwszumq nqvw rflbiwphs ctagbnkd

]]> By: Matt Nolan http://www.tvhe.co.nz/?p=419/#comment-1424 Sun, 25 May 2008 21:10:01 +0000 http://tvhe.wordpress.com/?p=382#comment-1424 “just wondering whats the rate 16 yr olds get taxed with the minimum wage?”

That depends how many hours they are working, and whether they are a new entrant to the firm or not (having worked 300 hours puts them on parity with adult employees for their wage).

http://www.acepay.co.nz/minwage.htm

If we assume they get the adult minimum wage then that is $12 an hour. Furthermore, assume that they work 2080 hours a year (40 hours a week times 52 weeks in a year), then their gross wage is $24,960.

From October we get taxed at 12.5% on our first $14,000 of income and in this case 21% on the result. As a result, the tax they have to pay is $1,750+$2301.6=$4051.6. This implies that the average tax rate will be approximately 16.2%.

]]> By: Heather Feather http://www.tvhe.co.nz/?p=419/#comment-1423 Sun, 25 May 2008 06:44:43 +0000 http://tvhe.wordpress.com/?p=382#comment-1423 Hey
just wondering whats the rate 16 yr olds get taxed with the minimum wage?
need this a.s.a.p please
Thanks!

]]> By: Matt Nolan http://www.tvhe.co.nz/?p=419/#comment-1422 Tue, 20 May 2008 04:11:51 +0000 http://tvhe.wordpress.com/?p=382#comment-1422 “Standard sort of redefinition language intended to frame the debate where the money all belongs to those in power who then parcel it back out. No thoughts of actually earning money comes into it.”

I agree with that point of view to a degree – after if a flat tax cut gives more back to those on higher incomes it is because they pay more tax in the first place.

However, fundamentally tax isn’t necessarily paid for by the person supplying labour – it is also partially funded by the firm. As a result, I don’t really agree that the gross wage a firm offers an individual is truly “the money they earn” – it depends on the elasticity of supply and demand for labour.

I touched on this here:

http://tvhe.wordpress.com/2007/10/25/income-tax-and-tax-incidence/

]]> By: Ed Snack http://www.tvhe.co.nz/?p=419/#comment-1421 Tue, 20 May 2008 04:01:04 +0000 http://tvhe.wordpress.com/?p=382#comment-1421 Of course tax cuts aren’t a redistribution to the “wealthy” as such at all. A redistribution implies taking and then passing it back. Tax cuts stop the distribution in the first place.

Standard sort of redefinition language intended to frame the debate where the money all belongs to those in power who then parcel it back out. No thoughts of actually earning money comes into it.

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