LESON21A

LESON21A - Econ 275 - Public Finance - Fall 1992 - 11/12/92...

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Econ 275 - Public Finance - Fall 1992 - 11/12/92 - Lesson #21 - leson21a.275-- Page -- Admin Hand back papers and discuss. What about the four people who did not turn a paper in? 10 minutes at the end of class. Renew Isaiah book after class. Finish Ch 17 with equivalent taxes. See hand written notes. Ch 21 - The Personal Income tax. Follow presentation in Rosen (1991) Major recent changes: Tax Reform Act of 1986, Omnibus Budget Reconciliation Act of 1990. Haig-Simons definition of income: the money value of the net increase to an individual's power to consume during a period. Consumption plus savings. This includes the traditional items: wages rents, profits, interest Plus Employer contributions to pensions and other retirement plans Employer contributions for employee's insurance Transfer payment: social security, unemployment benefits, AFDC Capital gains (and losses) Give example Income in kind: subsidized lunches for executives, expense-paid vacation, free medical care services from durable goods
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LESON21A - Econ 275 - Public Finance - Fall 1992 - 11/12/92...

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