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June 22, 2018 

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TAX: Any sort of forced or coerced payment to government. The primary reason government collects taxes is to get the revenue needed to finance public goods and pay administrative expenses. However, the more astute leaders of the first estate have recognized over the years that taxes have other effects, including--(1) redirecting resources from one good to another and (2) altering the total amount of production in the economy. As such, taxes have been used to correct market failures, equalize the income distribution, achieve efficiency, stabilize business cycles, and promote economic growth.

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RIGHT TO WORK: A law preventing employers from making union membership a condition of employment. In other words, your boss can't forced you to join a union if you don't want to. There are two sides to this argument. On the one hand, workers should have the freedom to join a union or not based on the benefit to had from the union and perhaps their philosophical orientation towards unions. On the other hand, unions gain their strength by representing workers. Its negotiating position is hurt if it represents only a fraction of the workers. Moreover, any benefits a union gets for workers are enjoyed by its members (who pay dues) as well as nonmembers (who don't pay dues).

     See also | labor union | open shop | union shop | closed shop | collective bargaining | factor market | monopoly | yellow-dog contract |


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BANK ASSETS

What a bank owns, including loans, reserves, investment securities, and physical assets. Bank assets are typically listed on the left-hand side of a bank's balance sheet. Bank liabilities, what a bank owes, are listed on the right-hand side of a bank's balance sheet. Net worth is the difference between assets and liabilities. The largest asset category of most bank is loans, which generates interest revenue. A critical asset category used to maintain the safety of deposits is reserves (vault cash and Federal Reserve deposits).

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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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