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GRADUATED TAX: A type of progressive tax in which the tax rate is higher as the value of the taxed item increases. For example a graduated sales tax would be one with a 5 percent tax rate on the first $10 of sales, 10 percent tax rate on the any sales between $10 and $50, then a 15 percent rate for anything above $50. Our personal income tax system uses graduated taxes.

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PERSONAL INCOME: The total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. The primary use of personal income is to measure the income actually paid out to the household sector. After adjusting for income taxes, personal income forms the basis for consumption expenditures on gross domestic product.

     See also | income | household sector | national income | disposable income | gross domestic product | net domestic product | National Income and Product Accounts | Bureau of Economic Analysis | personal income tax | income earned but not received | income received but not earned | personal income and disposable income | national income and personal income |


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PERSONAL INCOME, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 22, 2024].


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UNLIMITED WANTS AND NEEDS

A basic condition of human existence which means that people are never totally satisfied with the quantity and variety of goods and services the consume. It means that people never get enough, that there's always something else that they would want or need. Unlimited wants and needs are one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is limited resources.

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Today, you are likely to spend a great deal of time at a garage sale looking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for the happiest person in the room.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"There is no passion to be found playing small in settling for a life that idles than the one you are capable of living."

-- Nelson Mandela

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