Wealth (Topic 2) 0.0 / 5 ? SociologyPoverty, wealth and welfareASAll boards Created by: Ellie RaeCreated on: 05-04-17 23:51 Wealth Property in the form of assets which can be sold and turned into cash for the owners benefit. 1 of 17 Marketable Wealth Can be bought and sold e.g car, house, shares and land. 2 of 17 Non-Marketable Wealth Cannot be sold e.g. state pension. 3 of 17 Productive Property Provides unearned income for owner e.g. rented housing/land. 4 of 17 Consumption Property Wealth used by the owner e.g. house, car which are used at the time and not producing any income. 5 of 17 Income A flow of money which people obtain from work, investments or the state. 6 of 17 Earned Income Received from employment e.g. wages. 7 of 17 Unearned Income Received from productive poverty. 8 of 17 Disposable Income Money left after paying taxes. 9 of 17 Discretionary Income Left after taxes and all necessary bills and expenses. 10 of 17 Wealth Inequalities The poorest 10th of the population in the UK earn less than £9,000 a year. The richest 10th of the UK earn around £83,000 a year. 11 of 17 Wealth Distribution Attempts to redistribute wealth e.g inheritance tax, capital gains tax, income tax. 12 of 17 Wealth Distribution - inheritance tax To limit the inheritance of mass wealth. 13 of 17 Wealth Distribution - capital gains tax To reduce profits dealing with poverty. 14 of 17 Wealth Distribution - income tax Progressive and payable on top of income. 15 of 17 Why Wealth Distribution Failed TAX Relief - expenses that can be claimed TAX Evasion - (Illegal) people not declaring taxes TAX Avoidance - loopholes in tax laws. 16 of 17 Key Variables - Disability 4 times more likely to be unemployed, poverty for disabled 17 of 17
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