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INCOME TAX: A tax on income, including wages, rent, interest, profit, and (usually) transfer payments. The income tax system in the United States includes both a personal income tax and corporate income tax. In general, the U. S. income tax is progressive, but through a number of deductions and other loopholes, it's less so in practice that on paper.
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INVISIBLE HAND The notion that buyers and sellers, consumers and producers, households and businesses, by pursuing their own self-interests do what is best for the economy automatically without any government intervention, as if guided by an invisible hand.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Success doesn't come to you . . . you go to it " -- Marva Collins, Educator
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FDIC Federal Deposit Insurance Corporation
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