The Concept of Income: A Multi-disciplinary Analysis

The Concept of Income: A Multi-disciplinary Analysis
ISBN-10
9076078378
ISBN-13
9789076078373
Category
Income
Pages
614
Language
English
Published
2001
Publisher
IBFD
Author
Kevin Holmes

Description

This treatise examines income as a surrogate for the underlying features of an individual's well-being, for the purpose of achieving horizontal equity in taxation. Part I analyses the development of a variety of income concepts. The foundation concept of income, based on the Schanz-Haig-Simons wealth accrual and consumption models, is found to be the most appropriate measure of income that might be used in tax practice to achieve the equity objective. Other economic concepts of income and accounting and legal concepts of income are tested against the foundation concept as a benchmark to identify their congruence with, and divergence from, that standard. The objective is to seek a route towards the practical application of the foundation concept of income, which improves the existing notion of taxable income. Part II of the book investigates discrepancies between the ways that net receipts and economic gains from selected economic events (business transactions, capital gains transactions, gifting, provision of benefits in kind, and generation of imputed income from owner-use of assets, self performed services and leisure) are included in or excluded from taxable income. The aim is to determine whether the differences are logical and equitable. To enhance tax equity, the thesis advocates the adoption of a comprehensive concept of income, which is closely aligned to the foundation concept of income, for practical taxation purposes. The text draws extensively on case law, particularly from the United Kingdom, Australia, New Zealand, and the United States of America.

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