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The principle of convenience can be used to guide the design of the tax structure in the following ways: A general tax on benefits - taxing benefits would adjust taxes to each taxpayer's demand for public goods. Given the diversity of preferences, a universal tax formula would not be sufficient for all individuals.
Public finance refers to the monetary resources available to governments and also to the study of finance within government and role of the government in the economy. [1] As a subject of study, it is the branch of economics which assesses the government revenue and government expenditure of the public authorities and the adjustment of one or ...
Fixed assets acquired and long-term debts incurred by a capital project are assigned to the government's General Fixed Assets and Long-Term Debts. Debt service funds are used to account for money that will be used to pay the interest and principal of long-term debts. Bonds used by a government to finance major construction projects, to be paid ...
Generally Accepted Accounting Principles (GAAP) [a] is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC), [1] and is the default accounting standard used by companies based in the United States.
The ability-to-pay principle is one of the reasons for the general acceptance of the progressive income tax system. The principle of user pays supports the idea of horizontal equity, which states that those in similar wealth and income positions should be treated equally by the tax system. The basic idea is that those who do not use a service ...
The benefit principle is a concept in the theory of taxation from public finance. It bases taxes to pay for public-goods expenditures on a politically-revealed willingness to pay for benefits received. The principle is sometimes likened to the function of prices in allocating private goods. [1]
Principal (finance) or principal sum, the original amount of a debt or investment on which interest is calculated Principal (bond), the face value of a bond; Principal Financial Group, a life insurance company
In terms of revenue, PAYGO is designed to control revenue reductions. If revenue is estimated to be reduced through a reduction in tax rates of any kind or other effects on revenue collected by the Federal Government, that effect on the deficit must be offset either through increased tax rates or increase in revenue collection elsewhere, or ...