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LIBERAL: A political view that favors--(1) paternalistic government, (2) correction of market failure with government intervention, (3) equal opportunities for all citizens regardless of race, age, gender, ethnic origin, or planet of origin, (4) redistribution of income and wealth, and (5) extensive regulation and control by government over the profit-seeking businesses of the second estate.
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                           INCOME EARNED BUT NOT RECEIVED: The three types of income earned but not received (IEBNR) by the factors of production are Social Security taxes, corporate profits taxes, and undistributed corporate profits. IEBNR is subtracted from national income to calculate personal income. Income earned but not received (IEBNR) is income that factors of production have rightfully "earned" by contributing to the production of gross domestic product. However, because this income is not paid to the factors, it is not income received by the household sector.- Social Security Taxes: Social Security taxes are "contributions" to the Social Security system made by labor. The Social Security system is set up to transfer income earned by labor to the elderly and disabled. In principle, employees "contribute" about 7 percent on the first $60,000 (or so) of their wages (the F.I.C.A. deduction). Employers then match this contribution. In reality, the entire 14 percent is income earned by the employee. Social Security taxes are wages earned, but not received.
- Corporate Profits Taxes: Corporate profits are earned by corporate shareholders through their ownerships of capital, land, and entrepreneurship. Corporate profits taxes are taxes on these corporate profits that are independent of any income taxes paid by individual shareholders. Corporate profits taxes are thus a portion of corporate profits that are not available for dividend payments to the household sector. Corporate profits taxes are profits earned, but not received.
- Undistributed Corporate Profits: Undistributed corporate profits are another portion of the corporate profits that are not paid to the household sector. Commonly termed retained earnings, these are profits that could be paid out as dividends, but are usually retained to finance capital investment projects. Undistributed corporate profits are also profits earned, but not received.
Recommended Citation:INCOME EARNED BUT NOT RECEIVED, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: November 26, 2022].
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Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for fairy dust that tastes like salt.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"There is more to life than increasing its speed. " -- Mohandas Gandhi, activist
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SDR
Special Drawing Right
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