The Definition of Income and the Comparison of Class Incomes

University of Wisconsin--Madison, 1928 - 432 Seiten

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Seite 14 - Income may be defined as the gain derived from capital, from labor, or from both combined," provided it be understood to include profit gained through a sale or conversion of capital assets, to which it was applied in the Doyle Case (pp.
Seite 39 - Under these circumstances it would seem better to use the term 'receipts on income account' and 'disbursements on income account' rather than 'income* and 'expense,' as the latter terms are more commonly defined and used in relation to income earned and expenses incurred. In any case, if in clause 2 'gross income* means, as you state it is intended to mean, 'gross income received,' it would certainly be better to say so and thus remove any possible ambiguity.
Seite 30 - Income is the money value of the net accretion to one's economic power between two points of time
Seite 38 - in the absence of any special law to the contrary, income must be taken to mean money, and not the expectation of receiving it or the right to receive it at a future time.
Seite 30 - In the widest possible view, profits may be stated as the realized increment in value of the whole amount invested in an undertaking; and, conversely, loss is the realized decrement in such value.
Seite 89 - The income exempted from the tax, whatever it may be, should be held to be indispensable for subsistence, for otherwise there would be not so much as a shadow of pretense for its being exempted.
Seite 88 - VII. In the case of labour, however, no deductions are allowed either in practice or in legislation, and yet the income from the labour of men is as subject to essential outgoings, costs of maintenance, depreciation, exhaustibility, as the income from houses or from horses. A man's labour, it is popularly said, is his capital, but if so, it is both a consnmable and perishable capital.
Seite 29 - ... about establishing the limits of the concept of taxable income? Both the British and the German statutes construct a concept much more narrow than ours. Both attempt to differentiate between regular and fortuitous gains. A British salaried man who dabbles in the .stock exchange is not called to account for his gains or losses. The owner of a residence in Germany is not asked to include a profit realized on its sale. Gains and losses on property are recognized only when they accrue with respect...
Seite 25 - By the term spendable, it may be well to explain, is meant that they [referring to receipts] may be used to live on without direct impairment of one's anticipated or expected future income. That is, spending may not interfere with recurrence. . . . Yet this alone [referring to recurrence] is not conclusive. Treasure trove, a gift of capital, an inheritance are all likewise spendable receipts. That is they may be spent without impairment of anticipated future income from sources available before...
Seite 89 - And consistently with this principle it was proposed, during the debates in 1 842, to deduct 150/., the sum assumed in the Act as the minimum of necessary income, from all incomes subject to the tax, and to assess it on the surplus only ; so that a person with an income of 160/.

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