What is the total net individual income of the USA? Updated with Tax Plan Goodness

[Stiganator]

20 trillion?

 

[Savij]

GDP

 

[AccruedExpenditure]

Originally posted by: Savij
GDP

uh, no.

total net individual income= GDP - (Gross operating surplus + Gross mixed income + Taxes less subsidies on production and imports)

-AE

 

[FP]

Originally posted by: AccruedExpenditure

Originally posted by: Savij
GDP

uh, no.

total net individual income= GDP - (Gross operating surplus + Gross mixed income + Taxes less subsidies on production and imports)

-AE

Don't try to confuse us with all of your fancy double talk and smarty pants lingo.

The answer is $56.

 

[gorcorps]

TREE FIDDY!

 

[Stiganator]

Isn't GDP the market value of all goods and services? Wouldn't net income be significantly less? If you get paid 50,000 you're probably making the company at least 100,000 right?

 

[Savij]

Originally posted by: AccruedExpenditure

Originally posted by: Savij
GDP

uh, no.

total net individual income= GDP - (Gross operating surplus + Gross mixed income + Taxes less subsidies on production and imports)

-AE

Great, you gave me a wikipedia definition. Do the math and see what percentage I'm off by. Don't forget to include "undocumented" individuals' incomes.

 

[Savij]

Originally posted by: Stiganator
Isn't GDP the market value of all goods and services? Wouldn't net income be significantly less? If you get paid 50,000 you're probably making the company at least 100,000 right?

Econ 101 students will say the same thing, and I'll respond "What does the company do with that extra 50k?"

 

[AccruedExpenditure]

Originally posted by: Savij

Originally posted by: AccruedExpenditure

Originally posted by: Savij
GDP

uh, no.

total net individual income= GDP - (Gross operating surplus + Gross mixed income + Taxes less subsidies on production and imports)

-AE

Great, you gave me a wikipedia definition. Do the math and see what percentage I'm off by. Don't forget to include "undocumented" individuals' incomes.

Fine, if you want to be a dick about being wrong, in 2006 the average household income in the United States was $48,201.00. In 2006, the Census approximated ~ 116,011,000 households

$48,201.00 x 116,011,000 = $5,591,846,211,000.00 ~ 5.91 Trillion Dollars in household income in 2006

The CIA estimates US GDP was 13.13 trillion in 2006

In other words your first guess was overstated by ~ 122 percent

 

[Syringer]

Originally posted by: AccruedExpenditure

Originally posted by: Savij

Originally posted by: AccruedExpenditure

Originally posted by: Savij
GDP

uh, no.

total net individual income= GDP - (Gross operating surplus + Gross mixed income + Taxes less subsidies on production and imports)

-AE

Great, you gave me a wikipedia definition. Do the math and see what percentage I'm off by. Don't forget to include "undocumented" individuals' incomes.

Fine, if you want to be a dick about being wrong, in 2006 the average household income in the United States was $48,201.00. In 2006, the Census approximated ~ 116,011,000 households

$48,201.00 x 116,011,000 = $5,591,846,211,000.00 ~ 5.91 Trillion Dollars in household income in 2006

The CIA estimates US GDP was 13.13 trillion in 2006

In other words your first guess was overstated by ~ 122 percent

epenis++;

 

[Savij]

Originally posted by: AccruedExpenditure

Originally posted by: Savij

Originally posted by: AccruedExpenditure

Originally posted by: Savij
GDP

uh, no.

total net individual income= GDP - (Gross operating surplus + Gross mixed income + Taxes less subsidies on production and imports)

-AE

Great, you gave me a wikipedia definition. Do the math and see what percentage I'm off by. Don't forget to include "undocumented" individuals' incomes.

Fine, if you want to be a dick about being wrong, in 2006 the average household income in the United States was $48,201.00. In 2006, the Census approximated ~ 116,011,000 households

$48,201.00 x 116,011,000 = $5,591,846,211,000.00 ~ 5.91 Trillion Dollars in household income in 2006

The CIA estimates US GDP was 13.13 trillion in 2006

In other words your first guess was overstated by ~ 122 percent

Learn the difference between median and mean then look athe income distribution above and below your median figure.

Hint: What is the median of $10/year, $48201/year, and $20000000000000000000/year.
What is the mean?

I'm going to bed I'll check your work in the AM.

 

[Xcobra]

Originally posted by: Savij

Originally posted by: AccruedExpenditure

Originally posted by: Savij

Originally posted by: AccruedExpenditure

Originally posted by: Savij
GDP

uh, no.

total net individual income= GDP - (Gross operating surplus + Gross mixed income + Taxes less subsidies on production and imports)

-AE

Great, you gave me a wikipedia definition. Do the math and see what percentage I'm off by. Don't forget to include "undocumented" individuals' incomes.

Fine, if you want to be a dick about being wrong, in 2006 the average household income in the United States was $48,201.00. In 2006, the Census approximated ~ 116,011,000 households

$48,201.00 x 116,011,000 = $5,591,846,211,000.00 ~ 5.91 Trillion Dollars in household income in 2006

The CIA estimates US GDP was 13.13 trillion in 2006

In other words your first guess was overstated by ~ 122 percent

Learn the difference between median and mean then look athe income distribution above and below your median figure.

 

[FleshLight]

Originally posted by: Savij

Originally posted by: AccruedExpenditure

Originally posted by: Savij

Originally posted by: AccruedExpenditure

Originally posted by: Savij
GDP

uh, no.

total net individual income= GDP - (Gross operating surplus + Gross mixed income + Taxes less subsidies on production and imports)

-AE

Great, you gave me a wikipedia definition. Do the math and see what percentage I'm off by. Don't forget to include "undocumented" individuals' incomes.

Fine, if you want to be a dick about being wrong, in 2006 the average household income in the United States was $48,201.00. In 2006, the Census approximated ~ 116,011,000 households

$48,201.00 x 116,011,000 = $5,591,846,211,000.00 ~ 5.91 Trillion Dollars in household income in 2006

The CIA estimates US GDP was 13.13 trillion in 2006

In other words your first guess was overstated by ~ 122 percent

Learn the difference between median and mean then look athe income distribution above and below your median figure.

Hint: What is the median of $10/year, $48201/year, and $20000000000000000000/year.
What is the mean?

I'm going to bed I'll check your work in the AM.

average = mean = E(x) = expected value

 

[Savij]

Originally posted by: Xcobra

Originally posted by: Savij

Originally posted by: AccruedExpenditure

Originally posted by: Savij

Originally posted by: AccruedExpenditure

Originally posted by: Savij
GDP

uh, no.

total net individual income= GDP - (Gross operating surplus + Gross mixed income + Taxes less subsidies on production and imports)

-AE

Great, you gave me a wikipedia definition. Do the math and see what percentage I'm off by. Don't forget to include "undocumented" individuals' incomes.

Fine, if you want to be a dick about being wrong, in 2006 the average household income in the United States was $48,201.00. In 2006, the Census approximated ~ 116,011,000 households

$48,201.00 x 116,011,000 = $5,591,846,211,000.00 ~ 5.91 Trillion Dollars in household income in 2006

The CIA estimates US GDP was 13.13 trillion in 2006

In other words your first guess was overstated by ~ 122 percent

Learn the difference between median and mean then look athe income distribution above and below your median figure.

What he called an average was actually a median. A mean is an average while a median is not. You can not use a median as an average in a calculation.

 

[Savij]

Originally posted by: FleshLight

Originally posted by: Savij

Originally posted by: AccruedExpenditure

Originally posted by: Savij

Originally posted by: AccruedExpenditure

Originally posted by: Savij
GDP

uh, no.

total net individual income= GDP - (Gross operating surplus + Gross mixed income + Taxes less subsidies on production and imports)

-AE

Great, you gave me a wikipedia definition. Do the math and see what percentage I'm off by. Don't forget to include "undocumented" individuals' incomes.

Fine, if you want to be a dick about being wrong, in 2006 the average household income in the United States was $48,201.00. In 2006, the Census approximated ~ 116,011,000 households

$48,201.00 x 116,011,000 = $5,591,846,211,000.00 ~ 5.91 Trillion Dollars in household income in 2006

The CIA estimates US GDP was 13.13 trillion in 2006

In other words your first guess was overstated by ~ 122 percent

Learn the difference between median and mean then look athe income distribution above and below your median figure.

Hint: What is the median of $10/year, $48201/year, and $20000000000000000000/year.
What is the mean?

I'm going to bed I'll check your work in the AM.

average = mean = E(x) = expected value

Yup

 

[Stiganator]

..

 

[Savij]

Originally posted by: Stiganator
I whipped this up. Does that look reasonable? A decent estimate?

link removed

What year is the data from? A quick glance says it looks ok. I also like what you're doing here, taking actual numbers and doing the math.

 

[Stiganator]

Somewhere from 2005-2008 is my guess. Its from a wiki page on income distribution.

 

[Savij]

Originally posted by: Stiganator
Somewhere from 2005-2008 is my guess. Its from a wiki page on income distribution.

Actually, what country is this for? The numbers look weird for the US.

 

[Stiganator]

Things get a little hairy in the ranges where each 10,000 isn't defined, but I fit a exponential decay to it and tinkered with the decay constants.

16% flat tax for anything over 50,000 would net us the same amount of personal income tax as the US collects right now (1.16 trillion). Bump that up to 20 or 30% and the middle class won't see a big difference because of the 50K tax break and the rich won't mind as much since they are taxed equally.

 

[Stiganator]

wiki page says US, but that's about it. Not bad for a back of the napkin calculation.

 

[Savij]

Originally posted by: Stiganator
wiki page says US, but that's about it. Not bad for a back of the napkin calculation.

"That's great. I'm only making 30k per year so no taxes for me! I love this company. I drive the company car and live in the company house and get to use the company yacht."

 

[wetcat007]

Originally posted by: Stiganator
Things get a little hairy in the ranges where each 10,000 isn't defined, but I fit a exponential decay to it and tinkered with the decay constants.

16% flat tax for anything over 50,000 would net us the same amount of personal income tax as the US collects right now (1.16 trillion). Bump that up to 20 or 30% and the middle class won't see a big difference because of the 50K tax break and the rich won't mind as much since they are taxed equally.

That can't be right... Doesn't pretty much everyone pay more than 16% tax on all their income and we end up with 1.16 trillion right now? How does lowering the percentage and applying it to only money made after 50k come up with the same amount?

Note: I know very little about taxes other than the taxes I do for myself.

 

[Stiganator]

Crap, those percentages aren't based on total population are they, it based off of total WORKING population. Anyone have a guess at the total working population? 150 million? That will cut it in half

 

[dullard]

Can you please explain what you are doing with your tax plan for those of us who are too lazy to figure out how to open an xml document?