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Earmark (finance)
The hypothecation of a tax (also known as the ring-fencing or earmarking of a tax) is the dedication of the revenue from a specific tax for a particular expenditure purpose. This approach differs from the classical method according to which all government spending is done from a consolidated fund. History Hypothecated taxes have a long history. One of the first examples of earmarking was ship money, the tax paid by English seaports used to finance the Royal Navy. Later, in the 20th century, the hypothecated tax began to be discussed by politicians in the United Kingdom. For example, the Vehicle Excise Duty from 1920 when earned revenues were used for the construction and maintenance of the roads, assigning 1p on the income tax directly to education in 1992, or giving £300 million per year from the revenues from taxes on the tobacco industry to help the fight against smoking-related diseases since 1999. Types of hypothecated tax The hypothecated tax can be divided into three g ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Spending
Government spending or expenditure includes all government consumption, investment, and transfer payments. In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure. Government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending, is classed as government investment (government Gross fixed capital formation, gross capital formation). These two types of government spending, on final consumption and on gross capital formation, together constitute one of the major components of gross domestic product. Spending by a government that issues its own currency is nominally self-financing. However, under a full employment assumption, to acquire resources produced by its population without potential inflationary pressures, removal of purchasing power m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Insurance Fund
The three British National Insurance Funds hold the contributions of the National Insurance Scheme, set up by the Government of the United Kingdom in 1911. It was reformed in 1948 and assumed broadly its current form in 1975, when the separate National Insurance (Industrial Injuries) and National Insurance (Reserve) Funds were merged with it. In the Beveridge Report this was the basis of a universal insurance system for all British people. "first and foremost a plan of insurance – of giving in return for contributions benefits up to subsistence levels, as of right and without means test, so that individuals may build freely upon it". There are the National Insurance Fund of the United Kingdom, for Great Britain (England and Wales and Scotland), the National Insurance Fund of Northern Ireland, and the Isle of Man National Insurance Fund. Overview The money is held in the National Insurance Fund (NIF), separate from the Consolidated Fund. The income of the NIF consist of cont ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Other Invisible Hand
''The Other Invisible Hand'' is a non-fiction book written by the economist Julian Le Grand. The primary focus of his book is increasing taxpayer sovereignty by developing a market in the public sector. The title of the book refers to Adam Smith's invisible hand. The invisible hand is the idea that individual choice benefits society more than does a government which assumes that it "can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chess-board." Overview Le Grand begins his book by suggesting that there are four models concerning the provision of public goods: trusting professionals, command and control, voice mechanisms and choice. Out of the four, "choice" is the best way to ensure the optimal provision of quality public services. This is because choice, in theory, "creates incentives for providers to deliver what users want". The key focus is on how to make choice work better. This includes "ensuri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Choice
In public choice theory, tax choice (sometimes called taxpayer sovereignty, earmarking, participatory taxation or fiscal subsidiarity) is an emerging type of citizen sourcing in which individuals or groups of taxpayers decide how to allocate part of their taxes of a municipal or public budget Appropriation (law), appropriation through a process of democratic deliberation and decision-making. Its proponents apply the theory of consumer choice to public finance. They claim taxpayers react positively when they are allowed to allocate portions of their taxes to specific spending. Existing examples of tax choice includes: Business improvement districts, Business improvement district and Tax increment financing. Tax relationship between the state and taxpayers The term tax sovereignty emphasizes the perceived equal status of state and taxpayer, instead of the traditional view of the dominant position of the state in taxation. Tracing back to the Legitimacy (political), legitimacy of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hypothec
Hypothec (; , , from Lat. ''hypotheca'', from Gk. : hypothēkē), sometimes tacit hypothec, is a term used in civil law systems (e.g. the law of most of Continental Europe) to refer to a registered real security of a creditor over real estate, but under some jurisdictions it may additionally cover ships only (ship hypothec), as opposed to other collaterals, including corporeal movables other than ships, securities or intangible assets such as intellectual property rights, covered by a different type of right ( pledge). Common law has two main equivalents to the term: mortgages and non-possessory lien. Overview This real right in security operates by way of hypothecation. It may arise only through being entered into the land and hypothec register or the ship registry, as a result of: * a hypothecary loan contract, required in the form of a notarial act - in case of a contractual hypothec * an administrative or court decision - in case of a compulsory hypothec Hypothec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Sovereignty
Consumer sovereignty is the economic concept that the consumer has some controlling power over goods that are produced, and that the consumer is the best judge of their own welfare. ''Consumer sovereignty in production'' is the controlling power of consumers, versus the holders of scarce resources, in what final products should be produced from these resources. It is sometimes used as a hypothesis that the production of goods and services is determined by the consumers' demand (rather than, say, by capital owners or producers). ''Consumer sovereignty in welfare'' is the idea that the consumer is the best judge of their own welfare (rather than, say, politicians). It is used to claim that, for example, the government should help the poor by giving them monetary transfers, rather than by giving them products that are deemed "essential" by the politicians. Consumer sovereignty in production Consumer sovereignty was first defined by William Harold Hutt as follows:The consumer is s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bundling (public Choice)
Bundling is a concept used for studying the selection of candidates for public office. A voter typically chooses a candidate (or party) for the legislature, rather than directly voting for specific policies. When doing so, the voter is essentially selecting among bundles of policies that a candidate or a party will enact if in power. Overview Occurring principally in republics, the electorate, rather than directly voting on each individual piece of proposed legislation, must choose a number of candidates (or parties) for the legislature. In so doing, they accept or reject each individual candidate or party and their "bundle" of positions on various issues. As there may be no candidate who perfectly reflects the views of an individual voter on all the issues of importance to him/her, each voter must prioritize what issues are most important and choose a candidate accordingly. Another form of bundling occurs in races where the candidate has a running mate who is elected on the same t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Benefit Principle
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. In its use for assessing the efficiency of taxes and appraising fiscal policy, the benefit approach was initially developed by Knut Wicksell (1896) and Erik Lindahl (1919), two economists of the Stockholm School. Wicksell's near-unanimity formulation of the principle was premised on a just income distribution. The approach was extended in the work of Paul Samuelson, Richard Musgrave,Bernd Hansjürgens, 2000. "The Influence of Knut Wicksell on Richard Musgrave and James Buchanan", ''Public Choice'', 103(1/2), pp95116. and others. It has also been applied to such subjects as tax progressivity, corporation taxes, and taxes on property or wealth. The unanimity-rule aspect of Wicksell's a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Motivation, Agency, And Public Policy
''Motivation, Agency, and Public Policy'' is a non-fiction book written by the economist Julian Le Grand. The book, which argues in favor of increasing tax choice, was described by ''The Economist'' as "accessible – and profound" and by ''The Times'' as "one of the most stimulating books on public policy in recent years". Overview In his book, Le Grand explores ways of increasing the amount of choice and competition in the public sector. This quasi-market would transform citizens from pawns to queens and "improve quality and value for money". Specific policy recommendations include "demogrants" and hypothecation (earmarking). Criticism One criticism is that Le Grand's argument only has limited appeal. "Le Grand’s argument does not speak to libertarians; rejecting the welfare state, they part from him long before he calls on them to cheer for transforming service users into queens. Nor does his argument entice liberal egalitarians." See also * '' Scroogenomics'' * ''The Ot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Earmark (politics)
An earmark is a provision inserted into a discretionary spending appropriations bill that directs funds to a specific recipient while circumventing the merit-based or competitive funds allocation process. Earmarks feature in United States Congress spending policy, and they are present in public finance of many other countries as a form of political particularism. Etymology "Earmark" comes from the livestock term, where the ears of domestic animals were cut in specific ways so that farmers could distinguish their stock from others grazing on public land. In particular, the term comes from earmarked hogs where, by analogy, pork-barreled legislation would be doled out among members of the local political machine. Definitions In 2006 the Congressional Research Service (CRS) compiled a report on the use of earmarks in thirteen Appropriation Acts from 1994 through 2005 in which they noted that there was "not a single definition of the term earmark accepted by all practitioners and ob ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Television Licensing In The United Kingdom
In the United Kingdom and the British Islands, any household watching or recording television transmissions at the same time they are being broadcast is required by law to hold a television licence. This applies regardless of transmission method, including Terrestrial television, terrestrial, Satellite television, satellite, Cable television, cable, and internet streaming. It is also required for the viewing of Video on demand, on demand content on BBC iPlayer. The television licence is the instrument used to raise revenue to fund the BBC and S4C. Businesses, hospitals, schools and a range of other organisations are also required by law to hold television licences to watch and record live television broadcasts. The licence, originally a radio licence, was introduced in November 1923 using powers under the Wireless Telegraphy Act 1904, and cost 10 shillings per annum. The licence was extended to televisions at a cost of £2 in June 1946. The radio part was abolished in February ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Broadcasting
Public broadcasting (or public service broadcasting) is radio, television, and other electronic media outlets whose primary mission is public service with a commitment to avoiding political and commercial influence. Public broadcasters receive funding from diverse sources including broadcast receiving licence, license fees, individual contributions and donations, public financing, and corporate underwriting. A public service broadcaster should operate as a Nonpartisanship, non-partisan, Nonprofit organization, non-profit entity, guided by a clear public interest mandate. PSBs must be safeguarded from external interference—especially of a political or commercial nature—in matters related to governance, budgeting, and editorial decision-making. The PSB model relies on an independent and transparent system of governance, encompassing key areas such as editorial policy, managerial appointments, and financial oversight. Common media include AM broadcasting, AM, FM broadcasting, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
