Economics, Econometrics and Finance
8 years ago

New Income Division System in USA Could Revolutionize Taxation Worldwide

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Journal of Shanxi University
Two Kinds of Income Division in USA and Its Reference Implication to PRC
Jie Zhao

Paper Summary

The US divides individual income into four categories: earned, unearned, transferred, and imputed income. In passive activity loss rules, income is split into portfolio, active, and passive income. These divisions affect tax burden fairness and labor incentives. China can learn from these divisions to improve its income tax laws.

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