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SALES TAX: A tax on retail sales. This is major source of revenue for many state and local governments. Because poorer people tend to spend a larger share of their income on stuff covered by sales taxes, it tends to be a regressive tax. To reduce this regressiveness, some state and local governments excluded items like food and medicine.
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OWNERSHIP AND CONTROL Having simultaneous legal "title" to a resource, good, or commodity and the ability to determine how the resource, good, or commodity is used. Ownership means that having legal title. Control means having the ability to determine use.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for crowded shopping malls.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"As the births of living creatures at first are ill-shapen, so are all innovations, which are the births of time. " -- Sir Francis Bacon, philosopher
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NYCE
New York Cotton Exchange
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