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SEVERANCE TAX: A tax on the value of raw materials, such as minerals and fossil fuels, when they are extracted from the environment. This is one of those hidden, unpublicized taxes on producers that is ultimately passed along consumers.
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PERSONAL TAXES The common term for the portion of personal income used to pay personal tax and nontax payments. Personal tax and nontax payments is the official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring the personal income taxes paid to the government sector on personal income received by the household sector. Personal tax and nontax payments are subtracted from personal income (PI) to calculate disposable income (DI). Personal tax and nontax payments are about 15 percent of personal income and about 13 percent of gross domestic product.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center looking to buy either a computer that can play music and burn CDs or a T-shirt commemorating last Friday (you know why). Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"You are never given a dream without also being given the power to make it true." -- Richard Bach, Author
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RJE
RAND Journal of Economics
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