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LAISSEZ FAIRE: A french term that translates into "leave us alone." It has become the rallying cry for many business leaders of the second estate who oppose government intervention, regulation, or even taxation. It's based on the belief that markets alone can achieve an efficient allocation of our resources. This laissez faire philosophy of should be contrasted directly with the philosophy of paternalism, which essentially says "Government needs to care for you because you can't care for yourself."
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REGRESSIVE TAX A tax in which the proportion of income paid in taxes is smaller for higher income levels. A regressive income tax exists if taxpayers with more income pay a lower tax rate relative to income as income increases. A regressive tax is one of three alternations. The other two are progressive tax, in which the proportion of income paid in taxes is greater for higher income levels, and proportional tax, in which the proportion of income paid in taxes is the same for all income levels.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for strangers with large satchels of used undergarments.
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Lombard Street is London's equivalent of New York's Wall Street.
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"If we all did the things we are capable of doing, we would literally astound ourselves." -- Thomas Edison
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BLS
Bureau of Labor Statistics
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