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JUDICIAL POLICY: Government policy based on enforcement of laws and regulations through the courts, especially the Supreme Court.
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TAX MULTIPLIER A measure of the change in aggregate production caused by changes in government taxes. The tax multiplier is the negative marginal propensity to consume times one minus the slope of the aggregate expenditures line. The simple tax multiplier includes ONLY induced consumption. More complex tax multipliers include other induced components. Two related multipliers are the expenditures multiplier, which measures the change in aggregate production caused by changes in an autonomous aggregate expenditure, and the balanced-budget multiplier which measures the change in aggregate production from equal changes in both taxes and government purchases.
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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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"Believe one who has tried it. " -- Virgil, Roman poet
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EC
European Community
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