Reference no: EM132459246
Problem: In January 1914, Henry Ford startled the world by announcing that Ford Motor Company would pay $5 a day to its workers. At the time, $5 was about double what the average auto worker made.
A recent article stated that at General Motors, the total cost for wages (not including benefits) is about $35 an hour.
Required:
Question 1: What was the income tax rate in 1914 for someone making $5 a day?
Question 2: What was the income tax rate in 2018 for someone making $35 an hour?
Question 3: What has the average annual inflation been since 1914?
Question 4: What would $5 per day be in 2018 dollars?
Question 5: If you consider take home pay, who received the most take home pay in inflation adjusted 2018 dollars, the $5 per day worker in 1914 or the $35 per hour worker today?
Question 6: Which worker would have a better chance of creating personal wealth?
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