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Department
Integrative Studies Social Sci
Course
ISS 335
Professor
Pyle
Semester
Fall

Description
1. We distinguish between income and wealth a. Income: Salaries and wages or earnings from investments b. Wealth: Total assets i. Ex. Property, bonds, savings ii. Two ways to measuring wealth 1. Net-worth: Value of all assets minus debts 2. Financial Wealth: Net worth (Assets minus debt) minus equity in one’s house a. Wealth isn’t invested in homes in the upper class c. Median Household wealth in 2009 i. Non-Hispanics whites: $113,000 ii. Blacks: 6,325 *Even at the same income level, whites have more wealth  Blacks have moved into the middle class more recently, therefore don’t have the same ability to rely on passed on assets  Keeping wealth in the family  Inheritance laws inhibit the taxing of wealth under 1,000,000 dollars “The Sons also Rise” 1. Noblessse Oblige: Obligates for persons of higher rank to serve the community a. Ex. The
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