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5% of the value held in the bank account of a poor person is worth more to that person than 5% in the account of a wealthy person, even if the absolute amount i
by giggles_giggles 9y ago
5% of the value held in the bank account of a poor person is worth more to that person than 5% in the account of a wealthy person, even if the absolute amount is less. Inflation is one of the most regressive taxes.
- pjc50 9y agoFor less well off people the effect of inflation matters far more in terms of cash flow - pay and expenses - than cash holdings.