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BALANCED-BUDGET AMENDMENT: A proposed amendment to the U.S. Constitution that would constrain total government spending to be less than or equal to total tax collections. Such an amendment would effectively eliminate the federal deficit, which results when the spending exceeds taxes. The logic behind such an amendment is to prevent discretionary use of fiscal policy, which is often blamed for political business cycles and the resulting problems of inflation and unemployment. It is also touted as a way to limit the size of the Federal government.
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TAXATION BASICS Taxes are mandatory payments from members of society to governments. The total tax revenue collected from a specific tax can be identified as the product of the tax rate times the tax base. The tax base can be specified as either a physical quantity or monetary value, giving rise to two types of tax per unit tax (quantity) and ad valorem tax (value). In some cases it is useful to specify a tax rate as an average tax rate and in other cases as a marginal tax rate.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for letters from the Internal Revenue Service.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Good plans shape good decisions. That's why good planning helps to make elusive dreams come true." -- Lester Bittle, Author
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MPP
Marginal Physical Product
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