|
|
LAFFER CURVE: The graphical inverted-U relation between tax rates and total tax collections by government. Developed by economist Arthur Laffer, the Laffer curve formed a key theoretical foundation for supply-side economics of President Reagan during the 1980s. It is based on the notion that government collects zero revenue if the tax rate is 0% and if the tax rate is 100%. At a 100% tax rate no one has the incentive to work, produce, and earn income, so there is no income to tax. As such, the optimum tax rate, in which government revenue is maximized, lies somewhere between 0% and 100%. This generates a curve shaped like and inverted U, rising from zero to a peak, then falling back to zero. If the economy is operating to the right of the peak, then government revenue can be increased by decreasing the tax rate. This was used to justify supply-side economic policies during the Reagan Administration, especially the Economic Recovery Tax Act of 1981 (Kemp-Roth Act).
Visit the GLOSS*arama
|
|
|
|
|
CREDIT UNIONS Non-profit depository financial institutions that were originally established to provide members of a specific group, such as employees of a company, with low-cost personal loans higher interest on deposits than available through traditional banks. Credit unions are chartered and regulated by the National Credit Union Administration. While credit unions are not "officially" chartered as banks, similar to other thrift institutions (savings and loan associations and mutual savings banks) they do function comparable to any traditional bank, offering a wide range of deposits, loans, and other financial services.
Complete Entry | Visit the WEB*pedia |
|
|
BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for letters from the Internal Revenue Service.
Your Complete Scope
This isn't me! What am I?
|
|
|
The word "fiscal" is derived from a Latin word meaning "moneybag."
|
|
|
"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
|
|
FSL
Federal Savings and Loan Association
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
