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MAASTRICHT TREATY: An agreement among 12 European nations in 1992 that established the European Union. The 12 nations signing the Maastricht Treaty are Belgium, Denmark, Greece, Germany, Spain, France, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Great Britain. This treaty was designed to form a more economically and politically integrated European economy, including the reduction or elimination of tariffs and nontariff barriers, the creation of monetary unit (the euro), the establishment of a common military and defense policy, and centralized monetary policy. This amended early agreements setting up a European common market. The Maastricht Treaty is merely one of several international trade agreements created over the years to reduce trade restrictions. Others include the General Agreement on Tariffs and Trade and the North American Free Trade Agreement.
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                           PERSONAL TAX AND NONTAX PAYMENTS: The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring the personal income taxes paid to the government sector on personal income received by the household sector. Personal tax and nontax payments are subtracted from personal income (PI) to calculate disposable income (DI). Personal tax and nontax payments are about 15 percent of personal income and about 13 percent of gross domestic product. The primary taxes included in personal tax and nontax payments are the personal income taxes (the ones due on April 15th) that are paid to the three levels of government--federal, state, and local. Another major component is property taxes paid to state and local governments. It also includes assorted, and minor, nontax fees and charges, such as fishing licenses and national park entrance fees.Taxes excluded from this item might be as important as those included. Personal tax and nontax payments do NOT include Social Security taxes or sales taxes. Both of these enter into the National Income and Product Accounts in other places. The derivation of disposable income (DI) from personal income (PI) by subtracting personal tax and nontax payments (PT) is illustrated by this equation:
Recommended Citation:PERSONAL TAX AND NONTAX PAYMENTS, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: March 22, 2023].
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Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either several magazines on home repairs or a remote controlled sports car with an air spoiler. Be on the lookout for slightly overweight pizza delivery guys.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis, Supreme Court Justice
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New York Interbank Bid Rate
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