Most traditional measures of living standards have concentrated on measures of material living standard .i.e. the quantity of goods and services which people can enjoy. The most well known indicator is national income. This is a measure of output. the output of goods and services is a continous process so that in trying to measure what is produced we are in fact dealing with a flow and not a stock. we have to measure a flow of output over time and the time period used for this purpose is invariably one year. Noe that the total national product includes services as well as goods, because production is defined as any economic activity which satisfies a want and for which people are prepared to pay a price.
Taxes
Friday, October 2, 2009
There are four broad categories of taxes:
1. Personal Income Taxes
2. Corporate Income Taxes
3. Indirect Taxes
4. Social Security Taxes
Personal Income Taxes
Personal Income Taxes are the taxes paid by individuals on their labor and capital incomes. These taxes have fluctuated between 8 and 10 percent of GNP and have averaged arround 9 percent of GNP.
Corporate Income Taxes
Corporate Income taxes are the taxes that companies pay on their profits.
Indirect Taxes
Indirect Taxes are the taxes on the goods and services that we buy and include the custom duties that we pay when we import goods from other countries.
Social Security Taxes
Social Security taxes are the taxes that are paid by employees to finance the social security programs.
Labels:
corporate tax,
income tax,
indirect tax,
sale tax,
security tax,
taxes
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