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ABILITY-TO-PAY PRINCIPLE: A principle of taxation in which taxes are based on the income or resource-ownership ability of people to pay the tax. The income tax collected by our friends at the Internal Revenue Service is one of the most common taxes that seeks to abide by the ability-to-pay principle. In theory, the income tax system is set up such that people with greater incomes pay more taxes. Proportional and progressive taxes follow this ability-to-pay principle, while regressive taxes, such as sales taxes and Social Security taxes, don't.
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NEAR MONIES Relatively liquid financial assets that are not used as the medium of exchange, but which can be quickly and easily converted to money with little or no loss of value. One group of near monies, best thought of as household savings, are added to M1 to obtain M2 and another group of near monies, best thought of as short-term institutional investments, are added to M2 to obtain M3.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Do something wonderful; people may imitate it. " -- Albert Schweitzer, theologian, physician
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MGE
Minneapolis Grain Exchange
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