lweo

ageing An ever-increasing part of the population consists of elderly people.
capital funding system Capital is formed from individual contributions for the financing of benefits in the future.
civil servants People working in paid employment for the government.
collective goods Goods for which there is a need, but which are not supplied by the market, because it is impossible to exclude users who do not pay for the use of those goods. For example dykes.
collective sector The government, the social security agencies and enterprises and institutions of which the total costs are paid by the government and which do not want to make a profit.
degressive tax system A tax system in which the percentage of levied tax decreases if the income increases.
government deficit (= budget deficit) The difference between income and expenditure of the government in a year, whereby the expenditure exceeds the income. Within the EMU it has been agreed that the budget deficit must not exceed 3% of the GDP.
income transfers Income that you receive without having done anything productive in return for this.
individual goods Goods that are traded via a market.
national balance The difference between the income of the government and the expenses of the government in a year.
national debt (= government debt) The government’s debt. In the EMU it has been agreed that the national debt must not exceed 60% of the GDP.
national debt ratio The national debt expressed as a percentage of the GDP.
other public-sector workers People employed by enterprises of which the total costs are paid by the government.
pay-as-you-go system Premiums for social security received in a year are used to pay the benefits in that year.
private sector All enterprises that are not owned by the government.
progressive taxation Higher incomes pay a higher tax rate than lower incomes.
proportional taxation system A tax system in which all incomes pay the same tax rate.
quasi-collective goods Individual goods and services which could be supplied by the market but which are supplied (partly) by the government.
tax credit An amount that is deducted from the withholding tax to be paid.
taxable income Gross income minus tax-deductible items.
tax-deductible item Amount that can be deducted from the gross wage in the calculation of the taxable income and on which no withholding tax needs to be paid.

ageing
An ever-increasing part of the population consists of elderly people.

capital funding system
Capital is formed from individual contributions for the financing of benefits in the future.

civil servants
People working in paid employment for the government.

collective goods
Goods for which there is a need, but which are not supplied by the market, because it is impossible to exclude users who do not pay for the use of those goods. For example dykes.

collective sector
The government, the social security agencies and enterprises and institutions of which the total costs are paid by the government and which do not want to make a profit.

degressive tax system
A tax system in which the percentage of levied tax decreases if the income increases.

government deficit
(= budget deficit) The difference between income and expenditure of the government in a year, whereby the expenditure exceeds the income. Within the EMU it has been agreed that the budget deficit must not exceed 3% of the GDP.

income transfers
Income that you receive without having done anything productive in return for this.

individual goods
Goods that are traded via a market.

national balance
The difference between the income of the government and the expenses of the government in a year.

national debt
(= government debt) The government’s debt. In the EMU it has been agreed that the national debt must not exceed 60% of the GDP.

national debt ratio
The national debt expressed as a percentage of the GDP.

other public-sector workers
People employed by enterprises of which the total costs are paid by the government.

pay-as-you-go system
Premiums for social security received in a year are used to pay the benefits in that year.

private sector
All enterprises that are not owned by the government.

progressive taxation
Higher incomes pay a higher tax rate than lower incomes.

proportional taxation system
A tax system in which all incomes pay the same tax rate.

quasi-collective goods
Individual goods and services which could be supplied by the market but which are supplied (partly) by the government.

tax credit
An amount that is deducted from the withholding tax to be paid.

taxable income
Gross income minus tax-deductible items.

tax-deductible item
Amount that can be deducted from the gross wage in the calculation of the taxable income and on which no withholding tax needs to be paid.