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S CORPORATION: A legal firm type that is officially structure as a corporation, especially with limited liability of the owners, but is able to avoid the double taxation of profits through the use of a special section of the Internal Revenue Service tax code (Chapter S). The profit of an S corporation is considered the income of its owners and is thus taxable only as individual income. There are, however, limits on who can be an owner of an S corporation.

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Lesson 11: Elasticity Basics | Unit 2: A Little More Page: 8 of 25

Topic: Why Study: Taxes <=PAGE BACK | PAGE NEXT=>

  • Governments levy taxes for two reasons:

    1. Revenue Generation: To collect the revenue needed to operate and to provide public goods.
    2. Resource Allocation: To change the allocation of resources and to alter the production and consumption of specific goods.

  • Elasticity determines how effectively a tax achieves it's desired goal.

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UTILITARIANISM

A philosophical view that the value or worth of an action depends on the amount of pleasure it generates or the amount of pain it prevents, or in economic terms, the amount of utility generated. Utilitarianism, although dating back to the early Greek philosophers, is largely attributable to the work of Jeremy Bentham and John Stuart Mill. This philosophy played a major role in the development of modern consumer demand theory and utility analysis.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?

Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing."

-- William A. Ward

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International Institute of Public Finance
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