The “gold standard” for defining the income tax base is the…

The “gold standard” for defining the income tax base is the ______________________________, which defines the ability to pay taxes as consumption plus change in net worth.  The tax base in the United States _____________________ in significant ways from this standard. 

Which of the following statement(s) regarding the Social Sec…

Which of the following statement(s) regarding the Social Security system are true? I. Social Security, like private pension plans are considered to be funded plans. II. Private pensions plans are partially funded and partially unfunded. III. Unfunded plans are retirement plans where payments collected from today’s workers are invested in order to pay future benefits. IV. The promises of a private pension plan are backed by the actual assets held by that plan. However, the promises of Social Security are backed by the policies of government.