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GIFT TAX: A tax on the transfer of assets from one person to another. The gift tax is different from estate and inheritance taxes in that it applies to people who are still alive. In fact, the gift tax was created because people sought to avoid estate and inheritance taxes by giving their stuff away before dying. But all gifts are not taxed. There are both annual and lifetime exemptions on gifts subject to this tax. These exemptions are changed from time to time, so you might want to investigate further if you happened to hit the big jackpot on a television game show. Some, but not necessarily all of that prize is likely to be taxed.
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RECESSIONARY GAP, KEYNESIAN MODEL The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is less than full-employment aggregate production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. The prescribed Keynesian remedy for a recessionary gap is expansionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is an inflationary gap.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. " -- Martin Luther King Jr., civil rights leader
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IIP
Index of Industrial Production
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