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GIFT TAX: A tax on the transfer of assets from one person to another. The gift tax is different from estate and inheritance taxes in that it applies to people who are still alive. In fact, the gift tax was created because people sought to avoid estate and inheritance taxes by giving their stuff away before dying. But all gifts are not taxed. There are both annual and lifetime exemptions on gifts subject to this tax. These exemptions are changed from time to time, so you might want to investigate further if you happened to hit the big jackpot on a television game show. Some, but not necessarily all of that prize is likely to be taxed.
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FEDERAL FUNDS RATE The interest rate charged by one commercial bank or depository institution for lending Federal Reserve deposits to another commercial bank or depository institution. This is the interest rate determined in the Federal funds market. The Federal funds rate is a key interest rate for both the banking system and the macroeconomy. It is often targeted by monetary policy and is a benchmark used to determine other interest rates in the economy.
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"Advice is like snow ‚ the softer it falls, the longer it dwells upon and the deeper it sinks into the mind. " -- Samuel Taylor Coleridge, poet
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Keeping The Lid On INFLATIONIt's Thursday! It's 2:30 in the afternoon! IT'S PRETZEL TIME!! We must make a brief stop at one of Shady Valley's most acclaimed business establishments -- Max Mulroney's Pretzel Haven. My favorite, of course, is pretzel-on-a-stick. An ample supply of barbecue sauce is standard fair. I'm taken aback! Max has raised his pretzel prices once again -- for the third Thursday in a row. What sort of chicanery is at work here? Is Max trying to gouge the pretzel lovers of Shady Valley? Max says, quite emphatically, NO! His pretzel producing cost has risen. It seems, he explains, to be a pervasive problem throughout Shady Valley. He's not alone in pumping up prices. A quick price checking, window shopping expedition through the Shady Valley Central Town Sprawling Hills Shopping Mall, Mega-Mart Discount Warehouse Super Center, Manny Mustard's House of Sandwiches, and even Dr. Nova Cain's dental office reveals truth to Max's claim. Prices all over Shady Valley are rising. I suspect that there's only one way to unravel the intricacies of this mystery, we're need to examine the topic of inflation.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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BIS
Bank for International Settlements
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