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[2] [page needed] For example, a person's income in an economic sense may be different from their income as defined by law. [2] An extremely important definition of income is Haig–Simons income, which defines income as Consumption + Change in net worth and is widely used in economics. [2]
Household income is an economic standard that can be applied to one household, or aggregated across a large group such as a county, city, or the whole country. It is commonly used by the United States government and private institutions to describe a household's economic status or to track economic trends in the US.
Overall median household income by state in 2018 [1]. Income in the United States is measured by the various federal agencies including the Internal Revenue Service, Bureau of Labor Statistics, US Department of Commerce, and the US Census Bureau.
“This tax reduction improved U.S. economic competitiveness, accelerating income growth for middle-class families,” said Wayne Winegarden, an economist at the Pacific Research Institute. “If ...
The socio-economic significance of personal income has become particularly pronounced in recent years, [when?] coinciding with the development of consumer credit. According to E. A. Maznaya, the household should be regarded as a system of economic relations between individuals and society and among people who pool their budgets and collectively ...
In the United States the most widely cited personal income statistics are the Bureau of Economic Analysis's personal income and the Census Bureau's per capita money income. The two statistics spring from different traditions of measurement—personal income from national economic accounts and money income from household surveys.
Income shifts to the wealthy, who tend to consume less of each marginal dollar, slowing consumption and therefore economic growth; Income mobility falls: parents' income better predicts their children's income; Middle and lower-income families borrow more to maintain their consumption, a contributing factor to financial crises; and
Measures of personal income include average wage, real income, median income, disposable income and GNI per capita. Comparisons of GDP per capita are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries, see List of countries by GDP (PPP) per capita .
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