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PERSONAL INCOME TAX: A tax on individual income. This is the primary source of revenue for the federal government, a big source for many state and local governments, and the reason most people dread April 15th. In principle, personal income taxes are progressive, based on a graduated tax scale. However, it's much more proportional today than it was several decades ago.
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SIXTH RULE OF IGNORANCE The sixth of seven basic rules of the economy, stating that obtaining information is a costly activity that requires resources with alternative uses. As such, no one knows everything and everyone is ignorant about something.
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Al Capone's business card said he was a used furniture dealer.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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NZFOE New Zealand Futures and Options Exchange
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