Question
The Haig-Simons definition of comprehensive income is best described as:
Solution
The Haig-Simons definition is a benchmark for an ideal income tax base. It defines income as the money value of the net increase in an individual's power to consume during a period. Algebraically: Income = Consumption + ฮNet Worth. It aims to include all forms of accretion to wealth (wages, capital gains, gifts, etc.).
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