Are the rich paying more or less? What about payments in general? Well, COVID-19 has significantly accelerated the adoption of digital money in recent months. As for the rich, in fact, they make less tax payments as compared to those tabbed as middle class. This article provides more information about the current state of finances and the payments made by the rich. Also, it tells you why eMerchantBroker.com is the best helping hand you need to grow your business.
Making Payments: the Rich Paying Less
You must have heard that the rich pay less, mustn’t you? If you talk to an investment company, you’ll get the gist. What this means is that you’ll see the company charging less to those who invest more. On the other hand, you’ll also find higher discounts for those who make more purchases.
When it comes to the payments industry, because of the recent unprecedented eCommerce growth, flexible banking, as well as brick-and-mortar shops accepting “no cash,” people are mostly left with a debit/credit card.
The rise of payment methods allows for relying on cash less often. According to the global fintech organization Rapyd, because of COVID-19, 60% of its recent survey participants are planning to rely on digital/touchless payment methods in the years to come.
By the way, did you know that Black Americans aren’t more likely to use bank accounts than other groups in the U.S? This also refers to the poor in Europe. Based on the research by the financial tech company Square, during the period from March 1 to April 23, 2020, the number of U.S.-based businesses using no cash rose by 23%.
Taxes for the Rich: Grow With eMerchantBroker.com
As a rule, large salaries aren’t the source of money for billionaires. The reality is that they build wealth by investing in companies and through other assets, e.g., real estate and art. The money they get via investments isn’t taxed the way the money you get from working is taxed.
The majority of the income that the rich report on their taxes is mentioned as “unearned,” which has to do with dividends and capital gains. The rate for these is lower as compared to those associated with the earned income. As for the long-term capital gains, the rate can even be equal to zero.
To build a successful growth strategy, you should consider your own situation by studying the whole picture around you. The current picture of payments is changing fast, so you need to work only with a true payment specialist like eMerchantBroker.com to get the best deal for your own financial needs.
So, the current world of finances is undergoing major changes. The shift towards a cashless society has accelerated. The way mid-class people earn, buy and pay differs from how the rich do these. The fact that the rich are paying less has its explanation that you can find above.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker.com, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.