According to Sandy Baum and Kathleen Payea, one’s level of education determines one’s payment and taxes. In 2003, among the average full-time year-round workers in the United Sates, it was people with professional degrees which, according to the definition on Wikipedia, refer to academic degrees which are “designed to prepare the holder for a particular career or profession, such as law, medicine, architecture, accounting, engineering, religious ministry, or education”[1], that earned the most. The average amount of money they earned annually reached up to $95,700, and their tax payment was $27,200. As for people with other degrees of advanced studies, those having doctorate degrees received $79,400 and had $21,400 in tax payments, while people owning master’s degrees grossed $60,500, and paid $15,000 in taxes. People who possessed bachelor’s degrees earned $49,900, which was 30 percent higher than the income of those with associate degrees; on the other hand, there was a comparatively slight distinction, only 3 percent higher, in the average earnings of people with associate degrees and people with some college but no degrees. It becomes apparent that with a higher education, people’s earnings and tax payments increased accordingly. For example, people having master’s degrees earned 200 percent more than those with high school diplomas, and nearly 280 percent more than those with less than HS diplomas (Baum & Payea)[2].
[1] “Professional degree.” Wikipedia. July 16, 2007. <http://en.wikipedia.org/wiki/Professional_degree >.
[1] “Professional degree.” Wikipedia. July 16, 2007. <http://en.wikipedia.org/wiki/Professional_degree >.
[2] “Education, Earnings, and Tax Payments.” Graph. Baum, Sandy, and Kathleen Payea. Education Pay: The Benefits of Higher Education for Individuals and Society. College Board Online. Oct. 21,2004. <http://www.collegeboard.com/prod_downloads/press/cost04/EducationPays2004.pdf>. (The graph appeared on page 10).
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