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IMPORT SUBSTITUTION: A strategy for economic development for a country based on replacing imported goods with domestic production. This is often directed toward imported inputs used for domestic production. The goal of this policy is to encourage domestic production, which subsequently increases domestic income and consumption. A contrasting economic development is export promotion.
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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: December 6, 2023].
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a wall poster commemorating last Friday (you know why) or a country wreathe. Be on the lookout for telephone calls from long-lost relatives.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness." -- Martin Luther King, Jr., clergyman
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GAB
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