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June 17, 2025 

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TERM LIMITS: A policy designed in part to address the public sector efficiency created by re-election seeking political leaders by limiting the amount of time politicians can hold elected office ONLY. Once the limit has been reached, the politician can serve no more... in that particular office. The goal of term limits is to prevent political leaders from spending excessive effort seeking re-election and pursuing policies that appease only the special interest groups that might ensure re-election. The U.S. Presidency has had term limits in place for decades and a number of state and local offices also operate with term limits. Unfortunately term limit restrict voter choices. Perhaps the current office holder actually is the best person for the job and the one preferred by the voters. This matters not. Someone else will be elected. In addition, placing term limits on one office doesn't prevent the politician from seeking election to another office, and in so doing, curry the favor of the same special interest groups.

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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:

DI=PI - PT

<= PERSONAL INCOME AND NATIONAL INCOMEPERSONAL TAXES =>


Recommended Citation:

PERSONAL TAX AND NONTAX PAYMENTS, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: June 17, 2025].


Check Out These Related Terms...

     | personal taxes | disposable income and personal income | gross domestic income | factor payments | transfer payments | income earned but not received | income received but not earned | corporate profits distribution |


Or For A Little Background...

     | disposable income | personal income | gross domestic product | gross domestic product, income | production | resource markets | National Income and Product Accounts | Bureau of Economic Analysis | National Bureau of Economic Research |


And For Further Study...

     | business cycles | circular flow | gross domestic product, expenditures | gross domestic product, ins and outs | gross domestic product, welfare | national income | net domestic product | gross national product | real gross domestic product | national income and gross domestic product | national income and net domestic product | personal income and national income | inflation | unemployment |


Related Websites (Will Open in New Window)...

     | Bureau of Economic Analysis |


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