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A country's net worth is calculated as the sum of the net worth of all companies and individuals resident in that country, plus the government's net worth. For the United States, this measure is referred to as the financial position, and totalled $123.8 trillion as of 2014. [Out of date] [8]
Net Worth = Assets - Liabilities. For example, if your total assets equal $600,000 and your total liabilities equal $400,000, your net worth is $200,000.
The net worth for this group could be estimated between $0 and $15,000. These numbers consider minimal or no significant assets, little to no home equity or retirement savings and possibly some debt.
By definition, there must therefore exist a government budget deficit so all three net to zero. The government sector includes federal, state and local. For example, the government budget deficit in 2011 was approximately 10% GDP (8.6% GDP of which was federal), offsetting a capital surplus of 4% GDP and a private sector surplus of 6% GDP. [45]
Willem Buiter and the IMF argued in 1983 for the use of public sector balance sheets to improve public financial management. [2]Following a financial crisis, the New Zealand government passed its Public Finance Act (PFA) in 1989, introducing accrual budgeting, appropriations and accounting, publishing the world's first public sector balance sheet based on audited accounting records rather than ...
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A wealth tax (also called a capital tax or equity tax) is a tax on an entity's holdings of assets or an entity's net worth. This includes the total value of personal assets, including cash, bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses , financial securities , and personal trusts (a ...
Net worth also provides a tool for assessing whether government policy is fair to future generations from a financial perspective; negative or declining net worth indicates that past or present consumption will ultimately need to be funded by future taxation. Research suggests that government net worth is a main fiscal factor driving bond ...