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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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RENT SEEKING The inclination of everyone who is alive and breathing to get as much extra income, wealth, profit, or satisfaction as they can. Rent, while technically considered the factor payment for the use of land resources, is also commonly used as a synonym for economic profit, for the acquisition of benefits above opportunity cost. Rent seeking is the entirely rational process of obtain as much "extra" as possible. In effect, rent seeking is nothing more than utility maximization. Efficiency problems can arise, however, when rent seeking is enhanced and enabled through market control, political influence, or actions of special interest groups.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"You are younger today than you will ever be again. Make use of it for the sake of tomorrow. " -- Norman Cousins, editor
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