co-authored with Jens von Bergmann & cross-posted over at MountainMath

Wealth and income are different things. Wealth is measured in terms of assets minus debts at any given point in time. It can accumulate or deplete over a lifetime and across generations. By contrast, income represents some variation of how much money one makes over a given time period (usually a year). Most people get this on some level. But since both income and wealth deal with people and their money, the terms are also often used interchangeably. So it was that the CBC yesterday reported that “B.C. budget 2020 promises new tax on wealthy to help ensure future surpluses” despite the actual new tax being a tax on high-income individuals. Continue reading →