After doing this assignment I realized some of the reason that low-income families do what they do. It is very hard for a family to live off of a minimum wage salary; it doesn’t matter if it is a single parent or a two-parent household. The more people are in a household‚ the more expenses there will be‚ I never really thought about that concept until doing this assignment. Something’s that some people might take for granted can actually be a luxury to others. A car for example‚ I never realized
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National income accounting provides economists and statisticians with detailed information that can be used to track the health of an economy and to forecast future growth and development. The measure of national income allows us to compare output and the standard of living of one country with another‚ an increase in the National Income statistics usually an increase in standard of living. The measure of national income that we use to do this is known as Gross Domestic Product (GDP). GDP per capita
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Income Tax Is not one Tax but an Aggregation Of Taxes Tax is a fee charge by the Govt. on any product income or activity. Taxes in India are of two types‚ Direct Tax and Indirect Tax. Direct Tax‚ like income tax‚ wealth tax‚ etc. are those whose burden falls directly on the taxpayer. The burden of indirect taxes‚ like service tax‚ VAT‚ etc. can be passed on to a third party. Income Tax is all income other than agricultural income levied and collected by the central government and shared
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Last year many famous pop and sports stars earned millions of dollars each. Many other entertainment and sports personalities also have very high incomes. On the other hand‚ most people in ’ordinary’ professions like nurses‚ doctors and teachers earn only a small fraction of the income of these ’stars’. What do you think about stars receiving very high salaries? Is it fair that jobs that directly help people are paid much less? Some people may argue that while those pop and sports stars are earning
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In addition to its direct effect on poverty‚ inequality also effects poverty indirectly through its impact on growth. Initial cross-country studies found that greater initial income inequality actually reduces future growth even after controlling for initial levels of GDP and human capital. Evidence predominantly suggests that inequality is bad for growth. The World Development Report 2000/01 concludes that better distribution is possible without a reduction in economic growth. In other words there
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Equilibrium Level of Income The Consumption and Saving Functions Consumption is the part of income spent on goods and services yielding direct satisfaction. It occupies the biggest chunk of the expenditure on output. Y= C+S Where Y= Income C= Consumption S= Saving Factors Influencing Consumption 1. Distribution of national income 2. Interst rate 3. Desire to hold cash 4. Price level 5. Population 6. Income 7. Taxes 8. Attitudes and values Consumption function is the relationship
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time? (Muni) Write the history of national income estimates in India? What are the estimates of National Income before and after independence? Ans: Estimations of National Income before independence: Several estimates of National Income were prepared during the British period. The 1st estimate of national income was prepared by Dadabhai Nauroji for the year 1867 - 68. Accordingly the N.I and Per Capita Income of the country were Rs. 340 crores & Rs
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Gender Income Gap Diane Smith ENG 122 English Composition II Instructor Stephanie Derisi August 30‚ 2014 Gender Income Gap In American society today there is an imbalance in the gender income gap between men and women in the work force. Many factors such as discrimination‚ productivity‚ educational background and disproportional hours worked contribute to this ongoing challenge. While many are skeptical‚ others remain to have strong beliefs that women and men are treated equally. In most
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However‚ every income is taxable under income tax law‚ whether it is received in cash or in kind‚ whether it is capital or revenue income‚ but still some incomes are given exemption from tax. In this lesson we will study those incomes which are exempt from tax. Here are some of the important items of income‚ which are fully exempt from income tax and which can be utilised by a resident individual Indian assessee for the purpose of tax planning. ➢ AGRICULTURAL INCOME: Under the
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in. Income inequality is a touchy subject for some. For most though‚ it’s a subject that needs to be discussed in our society today. Minority households in my opinion seem to suffer more from income inequality than Whites. We should all want to know what the problem is. I don’t think it’s because whites have all the better paying jobs than minority workers. From my understanding of information gathered women and minorities continue to bring home less than white men because of the way income inequality
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