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ECONOMIC REPORT OF THE PRESIDENT: An annual report of the economic performance of the U.S. economy written by the Chairman of the Council of Economic Advisors (CEA). It provides an overview of the nation's economic progress. A goal of the report is to provide the President with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. The Council of Economic Advisors, the governmental body responsible for the report, was established by the Employment Act of 1946. The Economic Report of the President has been published every year since 1950.

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ABILITY-TO-PAY PRINCIPLE

A taxation principle stating that taxes should be based on the ability to pay taxes. The ability-to-pay principle works from the proposition that those who have the greatest income should pay the most taxes. The ability-to-pay principle is the only reasonable way to finance the provision of public goods such as national defense, public health, and environmental quality. This is one of two taxation principles. The other is the benefit principle, which states taxes should be based on the benefits received.

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APLS

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for pencil sharpeners with an attitude.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"Only great minds can afford a simple style."

-- Stendhal, writer

MRP
Marginal Revenue Product
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