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ECONOMIC RECOVERY TAX ACT: Unofficially called the Kemp-Roth, this was a cornerstone of economic policy under President Reagan passed in 1981. The three components of this act were: (1) a decrease in individual income taxes, phased in over three years, (2) a decrease in business taxes, primarily through changes in capital depreciation, and (3) the indexing of taxes to inflation, which was implemented in 1985. This act was intended to address the stagflation problems of high unemployment and high inflation that existed during that 1970s and to provide greater incentives for investment. A primary theoretical justification is found in the Laffer curve relation between tax rates and total tax collections.

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Lesson 18: Banking | Unit 2: Banking Details Page: 6 of 24

Topic: S&Ls <=PAGE BACK | PAGE NEXT=>

The second type is a savings and loans association.

History:

  • Created by the Federal Home Loan Act after the WWII.
  • Promoted homed ownership for the middle class.
  • Regulated by the Federal Home Loan Bank and by the Federal Savings and Loan Deposit Insurance Corporation.
  • Operated during the 50's and 60's using the 3-6-3 rule.
  • Used savings accounts to make mortgage loans.
  • Didn't offer checking accounts or business loans.

Changes in the 70's:

  • Went for riskier loans and offered checking accounts.

In the 80's:

  • Many went out of business, others merged with traditional banks, and a few survived.
  • Operate now like traditional banks: Offer the same services and come under the same regulations.

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UNDERGROUND ECONOMY

Illegal and unreported market transactions and productive activity that escape the watchful eyes of official record keepers. By most estimates, a substantial amount of productive activity takes place in the underground economy of the United States. Of course, these are only estimates because such activity, by definition, goes unreported. If activity in the underground economy is added to official activity in the "overground" economy, then gross domestic product could be boosted by as much as 25 percent to 50 percent, or more. Inclusion of employment in the underground economy is also likely reduce the official unemployment rate by a few percentage points.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for infected paper cuts.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

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