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December 15, 2018 

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ABILITY-TO-PAY PRINCIPLE: A principle of taxation in which taxes are based on the income or resource-ownership ability of people to pay the tax. The income tax collected by our friends at the Internal Revenue Service is one of the most common taxes that seeks to abide by the ability-to-pay principle. In theory, the income tax system is set up such that people with greater incomes pay more taxes. Proportional and progressive taxes follow this ability-to-pay principle, while regressive taxes, such as sales taxes and Social Security taxes, don't.

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CORPORATE PROFITS TAX: A tax on the accounting profits of corporations. This tax is only levied on corporations, and excludes businesses that are proprietorships or partnerships. This tax is often criticized (usually by members of the second estate because corporate dividends are taxed twice -- once as corporate profits, then a second time as income with the personal income tax.

     See also | tax | accounting profit | corporation | proprietorship | partnership | second estate | personal income tax | Internal Revenue Service | corporate profits | corporate profits distribution |


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LONG RUN, MICROECONOMICS

In terms of the microeconomic analysis of production and supply, a period of time in which all inputs under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for infected paper cuts.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. "

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