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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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GOVERNMENT FUNCTIONS Resource allocation activities that are more efficiently performed using the coercive government powers of taxation, spending, and regulatory authority than by private sector market exchanges. The most noted activities are (1) common defense; (2) education; (3) transportation; (4) public health and safety; (5) legal and judicial system; and (6) money.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"You are younger today than you will ever be again. Make use of it for the sake of tomorrow. " -- Norman Cousins, editor
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NIPA
National Income and Product Accounts
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