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ECON 1020 (99)
Lecture 22

ECON 1020 Lecture 22: Lecture 22

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University of Manitoba
ECON 1020
Ryan A.Compton

OS82 Corporate income taxes: taxes levied on the corporations net earnings and flow to the government Dividends: paid to the corporate shareholders and flow to households the ultimate owners of corporations Undistributed corporate profits: aftertax corporate profits not distributed as dividends to shareholders; corporate or business saving also called retained earnings Interest and Investment Income: Interest income: payments of income to those who supplythe economy with capital This income includes interest on bonds and loans of capital Investment income: rental income received by households and imputed rent the estimated rent on housing that households use for their own purpose Net Income From Farms and Unincorporated Businesses: This is the earnings of farmers and proprietors from their own businesses Farm and non farm proprietors supplying their own capital earn profits (or losses), interest, and rents mixed in with their labour income Adding Up Domestic Income: When we add up wages, salaries, and supplementary labour income, corporate and government enterprise profits, interest and investment income, and income of farm and nonfarm incorporated businesses, we get the net domestic income at factor cost, which is all the income earn by Canadiansupplied factors of production as wages, interest, rent, and profit o But to arrive at GDP we have to make two adjustments Indirect Taxes: Add to net domestic income indirect taxes, less subsidies Indirect taxes: sales taxes (including GST), business properly taxes, and customs duties, which firms treat as costs of producing a product
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