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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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RESOURCES

Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Resources are often given the more descriptive term factors of production.

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APLS

BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for the last item on a shelf.
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John Maynard Keynes was born the same year Karl Marx died.
"Democracy is based on the conviction that man has the moral and intellectual capacity . . . to govern himself with reason and justice. "

-- Harry Truman, 33rd U.S. president

AACP
American Assocation of Commercial Publications
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