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Kettle Moraine, WI | This is a perfect graph of gas price to wage ratio. Gas is up but equally so are wages.
10 years ago at McDonald's starting wage was 7.50, now 15 an hour. Gas is 4.40 now, decade ago 2.20 was approximate.
Adding to subject. Tax brackets haven't gone up keep up. So if we could apply after tax wage income into this chart data I believe gas prices would be above median ratio.
Same example. The 7.50 an hour, 15k a year would have a nominal couple hundred bucks owed in federal taxes. At 15.00 an hour, 30k a year, after standard deduction a single person has 18k subject to federal tax brackets or say 1500 a year in fed taxes. FICA withholding would also have doubled and eligibility for many social programs would be lost at today's wage.
We seem to live with the idea a dollar is worth what it was 10 years ago. | |
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Gas prices
