3 ms·
You end up with ~$2300 more per employee, assuming they all get paid the same and there are 20 of them. Which still isn't much.
by Workaccount2 3y ago
You end up with ~$2300 more per employee, assuming they all get paid the same and there are 20 of them. Which still isn't much.
- skciva 3y agoAsk the average American worker if they'd like an extra $2300 a year. And yes I understand thats pre-tax. But even so, thats a non-negligible amount for a lot of people.
- giantg2 3y agoI'm not diaagreeing, but most of the people working for JPM are not average.
- dh2022 3y agoFor whom $2,300 / year is meaningful is, dare I say, hard to answer question. Most of the people for whom an additional $2,300 / year is meaningful pay little to no taxes. However, a large chunk of these people also get Earning Income Credit. These people would lose at least part of this credit if their income increases. This question I believe can be answered by the bi-partisan U.S. Government Accountability Office or U.S Treasury- they certainly have the income returns for all Americans.
- seabass-labrax 3y agoStepped tax thresholds are always a problem when they incentivise low-earners to keep their income below a certain, arbitrary level. However, it would be inappropriate to deny employees a raise based on the existence of tax levels - after all, wouldn't the employees pay exactly no tax at all if they weren't paid? The tax is also guaranteed in most cases to improve the economy of the local area. I don't know the specifics of how it works in the USA, but I am aware of 'buy American' policies for federal public spending and equivalent rules for local government. Say an employee effectively gets $10 less money, but the company effectively now pays the government $1000 in the same period. That might mean new bus subsidies, legal aid, development grants... things which make everyone slightly better off in the long-term. I think that's a good trade-off.
- sangnoir 3y ago> For whom $2,300 / year is meaningful is, dare I say, hard to answer question There were many articles written on the impact of the 2021 Advance Child Tax Credit (up to $1,800 per child over a 6 month period). The impact was very significant on lower-income families - which makes sense because for those earning less than $40,000 per year, that amount is more than the amount in one's paystub.
- Workaccount2 3y agoAnd how many JPmorgan employees fall into that category?
- sangnoir 3y agoGlassdoor tells me the salaries of JPMorgan tellers ranges from $38,000 - $62,000 with a median of $42,000. So without digging into salary distribution at the entire company, I can yell you with certainty that it's a non-zero fraction.
- andrekandre 3y agothats still 2000+ dollars per employee that can go into the economy, or help a family get through a rough patch no?
- Arkhaine_kupo 3y agoJP Morgan works in 65 countries, in some of them 2300 would be a year of salary. Venezuela avg salary 230$ per month Vietnam avg salary 277$ per month Lebanon avg salary 190$ per month Nigeria avg salary 730$ per month Pakistan avg salary 293$ per month
- dfadsadsf 3y agoIn all those countries, average salary for JP Morgan employees is significantly higher (especially if you include expats). Also I think you are significantly off with Nigeria avg salary - no way it's so high in such a poor country.
- vidarh 3y agoNigeria is tricky - I've seen estimates ranging from $130-$750. World Bank classifies it as a "lower middle income" country at this point, which would suggest they at least think the median is <$4k or so per year, I think.