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PAYROLL TAX: A tax levied on the wage earnings, or payroll, of workers. The most notable, if nothing else in terms of sheer dollar amount, is the Social Security tax.

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VALUE ADDED

The increase in the value of a good at each stage of the production process. The "value" part of this phrase means the ability of a good to satisfy wants and needs either directly as a consumption good or indirectly as a capital good. The "added" part means that resources have transformed the good in the course of production, to make it more valuable. A good that provides greater satisfaction has greater value.

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Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"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

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