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  1. #21
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    Quote Originally Posted by Kimberleygal1 View Post
    Well said. While higher income earners are often viewed as wealthy the amount of high tax they pay is not taken into account so in reality the take home dollar is much less than people may think.
    This is my parents... Dad has an income of over 100k before tax, but after tax it quite a lot less.
    He is always saying that he was better off 5-10 years ago when he was on 70/80k because he actually got that whole amount (well not the whole amount, you know what I mean)

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    Something else I found interesting is that as a whole, Australian households really do seem to be 'asset rich and cash poor'.

    Bearing in mind the net worth of the lowest quintile would be somewhat skewed by the number of aged pensioners who a mortgage free, even the net worth of households with an average disposable income of $27k is over $500k. That's not a lot of cash for their corresponding net worth.

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    Yup we currently pay $62 a day for child care- next financial year I will earn more as I'll work the whole year. The extra child care costs as our ccr and ccb will drop mean we are only a few hundred a fortnight better off with me working

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    Quote Originally Posted by NancyBlackett View Post
    Something else I found interesting is that as a whole, Australian households really do seem to be 'asset rich and cash poor'.

    Bearing in mind the net worth of the lowest quintile would be somewhat skewed by the number of aged pensioners who a mortgage free, even the net worth of households with an average disposable income of $27k is over $500k. That's not a lot of cash for their corresponding net worth.
    Also, pensioners living in their own homes likely bought them many years ago so it's not like they just went out 6 months ago and bought a $500k house on their visa debit card! I think people often equate home ownership (no mortgage) with having lots of cash. What a person is worth on paper doesn't always translate to the real world.

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    Quote Originally Posted by Cue View Post
    Also, pensioners living in their own homes likely bought them many years ago so it's not like they just went out 6 months ago and bought a $500k house on their visa debit card! I think people often equate home ownership (no mortgage) with having lots of cash. What a person is worth on paper doesn't always translate to the real world.
    Good point. My parents are in this situation.

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    I have been in a 6 figure household and now I'm in the lowest quintile. I would much prefer to pay more tax and Be back in that Quintile.
    Last edited by sockstealingpoltergeist; 14-05-2013 at 21:14. Reason: Be not Ben, Ben had nothing to do with it, I don't even know him.

  7. #27
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    Quote Originally Posted by sockstealingpoltergeist View Post
    I have been in a 6 figure household and now I'm in the lowest quintile. I would much prefer to pay more tax and Ben back in that Quintile.
    Yep. Being in the highest tax bracket is a privilege. People moan about being there but there's an easy way out of it and I don't see any of them volunteering
    Last edited by lambjam; 14-05-2013 at 20:28.

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    I've never heard anyone with higher income wish they had less. Of course they could have less if they chose by my working or changing career.

    It's just nice to get a more balanced view about how wealthy the wealthy actually are. Lower income earners probably generally have no idea about what deductions a high income earner does, and how different things like the cost of childcare are for people who earn more than them.

    This article can hopefully enlighten.

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    Blessedwith3boys  (15-05-2013)

  11. #29
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    Quote Originally Posted by kw123 View Post
    I've never heard anyone with higher income wish they had less. Of course they could have less if they chose by my working or changing career.

    It's just nice to get a more balanced view about how wealthy the wealthy actually are. Lower income earners probably generally have no idea about what deductions a high income earner does, and how different things like the cost of childcare are for people who earn more than them.

    This article can hopefully enlighten.
    I would love to see all the bits and pieces added up and compared properly. It certainly is annoying when people spout off about those who earn more without considering the amount of tax these people contribute and the multitude of benefits they forfeit. I only meant to say that if you're in the top tax bracket you have a lot to be grateful for

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    You know what irritates me? High income earners banging on about how much tax they pay, how they lose so much hard earned money to tax. Well y'know what? Suck it up. You're in the very privileged position of being a high income earner and money for the country has to come from somewhere.

    You should always be better off as a high income earner, over a low income earner, despite those high taxes. If you're not, you're doing it wrong.

    Signed,
    High Income Earner.

    *I can haz typos*

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    sockstealingpoltergeist  (14-05-2013)


 

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