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Discretionary income is disposable income (after-tax income), minus all payments that are necessary to meet current bills. It is total personal income after subtracting taxes and minimal survival expenses (such as food, medicine, rent or mortgage, utilities, insurance, transportation, property maintenance, child support, etc.) to maintain a certain standard of living. [7]
Tax expenditure programs are a form of entitlement spending in that every tax payer that qualifies can claim government money. Faricy (2011) demonstrated that when tax expenditures are counted as a type of government spending, Democratic and Republican parties are indistinguishable in annual changes to federal government spending. [3]
Housing accounts for 33% of the average American household's total spending. ... the tax benefits of a health savings account. ... and we've accounted for most of the ways Americans spend their money.
Household income can be measured on various bases, such as per household, per capita, per earner, or on an equivalised basis. Because the number of people or earners per household can vary significantly between regions and over time, the choice of measurement basis can impact household income rankings and trends.
For example, almost 6% of taxes go to pay interest on America's debt, while less than 10% goes to health care spending. As for the country's embattled foreign aid allocations, they account for a ...
They currently have outflows of around $360,000 per year, with $100,000 going to their mortgage, $30K to property taxes, $10K to insurance, $100K to their kids' education, and $120K on other ...
Personal income tax is a tax levied on income earned by individuals, and its rates are adjusted according to the jurisdiction of each country. It serves as a significant source of revenue for the government, which is then utilized for funding public goods and services. [22] [23]
This is the classic "You pay for what you spend" tax, as only those who spend money on non-exempt (i.e. luxury) items pay the tax. [citation needed] A small number of U.S. states rely entirely on sales taxes for state revenue, as those states do not levy a state income tax.