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1 Alan Cole, A Walkthrough of Gross Domestic Income 1 (2015)

handle is hein.taxfoundation/wlkgdi0001 and id is 1 raw text is: TAXNDtI A Walkthrough of Gross Domestic FO UND JAT ON FISCAL Income FACT By Alan Cole May 2015 No. 467 Economist Key Findings Gross Domestic Income (GDI) is a complete measure of all income earned in the United States. About half of all income is labor compensation, in the form of wages, salaries, and benefits. Benefits account for a growing share of labor compensation. A quarter of income goes to business-level taxes and the replacement of worn out machinery. A quarter of income is returned to owners of capital, including business owners and private homeowners. The shares of income returned to workers and to owners of capital remain constant over time once benefits, taxes, and depreciation are properly accounted for. Two-thirds of net income goes to labor and one-third goes to capital. Study of inequality should focus on the distribution of income within labor compensation, rather than the distribution of labor and capital. Labor and capital are complements, not opposing interests. The Tax Foundation is a 501(c)(3) non-partisan, non-profit research institution founded in 1937 to educate the public on tax policy. Based in Washington, D.C., our economic and policy analysis is guided by the principles of sound tax policy: simplicity, neutrality, transparency, and stability. @2015 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Editor, Melodie Bowler Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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