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Haig–Simons Income
Haig–Simons income or Schanz–Haig–Simons income is an income measure used by public finance economists to analyze economic well-being which defines income as consumption plus change in net worth. It is represented by the mathematical formula: :I = ''C'' + Δ''NW'' where ''C'' = consumption and Δ''NW'' = change in net worth. Consumption refers to the money spent on goods and services of any kind. From a perfect theory view, consumption does not include capital expenditures, and the full spending would be amortized. History The measure of the income tax base equal to the sum of consumption and change in net worth was first advocated by German legal scholar Georg von Schanz. His concept was further developed by the American economists Robert M. Haig and Henry C. Simons in the 1920s and 1930s. Haig defined personal income as "the money value of the net accretion to one's economic power between two points of time," a formulation that was intended to include the taxpay ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Finance
Public finance refers to the monetary resources available to governments and also to the study of finance within government and role of the government in the economy. Within academic settings, public finance is a widely studied subject in many branches of political science, political economy and public economics. Research assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones. The purview of public finance is considered to be threefold, consisting of governmental effects on: # The efficient allocation of available resources; # The distribution of income among citizens; and # The stability of the economy. American public policy advisor and economist Jonathan Gruber put forth a framework to assess the broad field of public finance in 2010:Gruber, J. (2010) Public Finance and Public Policy (Third Edition), Worth Publishers, Pg. 3, Part 1 # When shoul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Donation
A donation is a gift for Charity (practice), charity, humanitarian aid, or to benefit a cause. A donation may take various forms, including money, alms, Service (economics), services, or goods such as clothing, toys, food, or vehicles. A donation may satisfy medical needs such as blood or Organ transplant, organs for transplant. Charitable donations of goods or services are also called ''gifts in kind''. Donating statistics In the United States, in 2007, the Bureau of Labor Statistics found that American households in the lowest fifth in terms of wealth, gave on average a higher percentage of their incomes to charitable organizations than those households in the highest fifth. Charity Navigator writes that, according to Giving USA, Americans gave $298 billion in 2011 (about 2% of GDP). The majority of donations were from individuals (73%), then from bequests (about 12%), foundations (2%) and less than 1% from corporations. The largest sector to receive donations was Religio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumption Tax
A consumption tax is a tax levied on consumption spending on goods and services. The tax base of such a tax is the money spent on Consumption (economics), consumption. Consumption taxes are usually indirect, such as a sales tax or a value-added tax. However, a consumption tax can also be structured as a form of direct, personal taxation, such as the Hall–Rabushka flat tax. Types Value-added tax A value-added tax applies to the market value added to a product or material at each stage of its manufacture or distribution. For example, if a retailer buys a shirt for twenty dollars and sells it for thirty dollars, this tax would apply to the ten dollar difference between the two amounts. A simple value-added tax is proportional tax, proportional to consumption but is regressive tax, regressive on income at higher income levels, as consumption tends to fall as a percentage of income as income rises. Savings and investment are tax-deferred until they become consumption. A value-added t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tautology (logic)
In mathematical logic, a tautology (from ) is a formula that is true regardless of the interpretation of its component terms, with only the logical constants having a fixed meaning. For example, a formula that states, "the ball is green or the ball is not green," is always true, regardless of what a ball is and regardless of its colour. Tautology is usually, though not always, used to refer to valid formulas of propositional logic. The philosopher Ludwig Wittgenstein first applied the term to redundancies of propositional logic in 1921, borrowing from rhetoric, where a tautology is a repetitive statement. In logic, a formula is satisfiable if it is true under at least one interpretation, and thus a tautology is a formula whose negation is unsatisfiable. In other words, it cannot be false. Unsatisfiable statements, both through negation and affirmation, are known formally as contradictions. A formula that is neither a tautology nor a contradiction is said to be logically c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Tax
A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax. Often laws provide for the Tax exemption, exemption of certain goods or services from sales and use tax, such as food, education, and medicines. A value-added tax (VAT) collected on goods and services is related to a sales tax. See Value-added tax#Comparison with sales tax, Comparison with sales tax for key differences. Types Conventional or retail sales tax is levied on the sale of a good to its final good, final end-user and is charged every time that item is sold retail. Sales to businesses that later resell the goods are not charged the tax. A purchaser who is not an end-user is usually issued a "resale certificate" by the taxing authority and required to provide the cer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Added Tax
A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax. VAT is an indirect tax, because the consumer who ultimately bears the burden of the tax is not the entity that pays it. Specific goods and services are typically exempted in various jurisdictions. Products exported to other countries are typically exempted from the tax, typically via a rebate to the exporter. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the customer. VAT raises about a fifth of total tax revenues worldwide and among the members of the Organisation for Economic Co-operation and Development (OECD). As of January 2025, 175 of the 193 countries with UN membership employ a VAT, including all OECD members except the United States. History German indust ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumption Tax
A consumption tax is a tax levied on consumption spending on goods and services. The tax base of such a tax is the money spent on Consumption (economics), consumption. Consumption taxes are usually indirect, such as a sales tax or a value-added tax. However, a consumption tax can also be structured as a form of direct, personal taxation, such as the Hall–Rabushka flat tax. Types Value-added tax A value-added tax applies to the market value added to a product or material at each stage of its manufacture or distribution. For example, if a retailer buys a shirt for twenty dollars and sells it for thirty dollars, this tax would apply to the ten dollar difference between the two amounts. A simple value-added tax is proportional tax, proportional to consumption but is regressive tax, regressive on income at higher income levels, as consumption tends to fall as a percentage of income as income rises. Savings and investment are tax-deferred until they become consumption. A value-added t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The union has a total area of and an estimated population of over 449million as of 2024. The EU is often described as a ''sui generis'' political entity combining characteristics of both a federation and a confederation. Containing 5.5% of the world population in 2023, EU member states generated a nominal gross domestic product (GDP) of around €17.935 trillion in 2024, accounting for approximately one sixth of global economic output. Its cornerstone, the European Union Customs Union, Customs Union, paved the way to establishing European Single Market, an internal single market based on standardised European Union law, legal framework and legislation that applies in all member states in those matters, and only those matters, where the states ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash-flow Consumption Tax
Cash flow, in general, refers to payments made into or out of a business, project, or financial product. It can also refer more specifically to a real or virtual movement of money. *Cash flow, in its narrow sense, is a payment (in a currency), especially from one central bank account to another. The term 'cash flow' is mostly used to describe payments that are expected to happen in the future, are thus uncertain, and therefore need to be forecast with cash flows. *A cash flow is determined by its time , nominal amount , currency , and account ; symbolically, . Cash flows are narrowly interconnected with the concepts of value, interest rate, and liquidity. A cash flow that shall happen on a future day can be transformed into a cash flow of the same value in . This transformation process is known as discounting, and it takes into account the time value of money by adjusting the nominal amount of the cash flow based on the prevailing interest rates at the time. Cash flow analys ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Windfall Gain
A windfall gain is an unusually high or abundant income, net profit or profit margin, that is sudden, unexpected, or, at times, anticipated. Types Examples of windfall gains include, but are not limited to: *Unexpected inheritance or other large monetary gift from another *Sweepstakes winnings *Winning a lottery or success in another form of gambling *Returns on investments *Proceeds or profit from a large sale *Game show, or other contest winnings *Employment payroll bonus *Natural resources *Foreign aid *Proceeds from an insurance claim *Settlement from a lawsuit *Discoveries from treasure hunting Uses What people do with windfall gains is subject to much debate. While they differ from one account to the next, most economists hypothesize that the majority of the gains are saved, due to the Permanent Income Hypothesis The permanent income hypothesis (PIH) is a model in the field of economics to explain the consumption function, formation of consumption patterns. It suggests con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harvard Law Review
The ''Harvard Law Review'' is a law review published by an independent student group at Harvard Law School. According to the ''Journal Citation Reports'', the ''Harvard Law Review''s 2015 impact factor of 4.979 placed the journal first out of 143 journals in the category "Law". It also ranks first in other ranking systems of law reviews. It is published monthly from November through June, with the November issue dedicated to covering the previous year's term of the Supreme Court of the United States. The journal also publishes the online-only ''Harvard Law Review Forum'', a rolling journal of scholarly responses to the main journal's content. The law review is one of three honors societies at the law school, along with the Harvard Legal Aid Bureau and the Board of Student Advisors. Students who are selected for more than one of these three organizations may only join one. The Harvard Law Review Association—in conjunction with the '' Columbia Law Review'', the '' University ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumption (economics)
Consumption refers to the use of resources to fulfill present needs and desires. It is seen in contrast to investing, which is spending for acquisition of ''future'' income. Consumption is a major concept in economics and is also studied in many other social sciences. Different schools of economists define consumption differently. According to mainstream economics, mainstream economists, only the final purchase of newly produced Good (economics), goods and Service (economics), services by individuals for immediate use constitutes consumption, while other types of expenditure — in particular, fixed investment, intermediate consumption, and government spending — are placed in separate categories (see consumer choice). Other economists define consumption much more broadly, as the aggregate of all economic activity that does not entail the design, production and marketing of goods and services (e.g., the selection, adoption, use, disposal and recycling of goods and services). E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
