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BUREAU OF LABOR STATISTICS: An agency of the U.S. Federal government, specifically a branch of the U.S. Department of Labor, that compiles and reports a wide range of economic data and measurements. At the top of their list of important economic numbers maintained by what is abbreviated the BLS, are the unemployment rate (and related measures) and the Consumer Price Index (and related measures). Economists rely heavily on the BLS to provide data needed to evaluate and analyze the macroeconomy.
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                           PERSONAL TAXES: The common term for the portion of personal income used to pay personal tax and nontax payments. Personal tax and nontax payments is 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 TAXES, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: November 10, 2025].
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Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a T-shirt commemorating last Friday (you know why) or a rotisserie oven that can also toast bread. Be on the lookout for slightly overweight pizza delivery guys.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Laughter is the shortest distance between two people. " -- Victor Borge, musician, humorist
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JIE
Journal of Industrial Economics
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