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Definitions of Income, Lê Thanh, Nguyễn Bảo Nguyên, Hiếu Anh - Coggle…
Definitions of Income
Financial & Broader Concepts
Household Income
Total income of all members in a single household.
Key Takeaway
Different definitions exist for different purposes, and choosing the right one is crucial for accurate analysis.
Comprehensive Income
A theoretical concept including all changes in a person's net worth; very difficult to measure.
Capital Gains
Profit from selling an asset; treated separately from regular income.
Introduction
Purpose
To clarify different definitions of income to ensure shared understanding.
Focus
Definitions used in the United States.
Academic & Social Definitions
Individual Income
Broadest definition, includes all sources (wages, investments, gifts, inheritance).
Disposable Income
Income remaining after taxes, used for spending or saving.
Government & Policy Definitions
Taxable Income
Defined by the IRS to calculate tax liability (wages, interest, capital gains).
Census Bureau Income
Cash-only income to determine poverty and allocate resources. Excludes non-cash benefits.
Lê Thanh
Nguyễn Bảo Nguyên
Hiếu Anh