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The FairTax is a proposal to reform the federal tax code of the United States. It would replace all federal income taxes (including the alternative minimum tax, corporate income taxes, and capital gains taxes), payroll taxes (including Social Security and Medicare taxes), gift taxes, and estate taxes with a single broad national consumption tax on retail sales. The Fair Tax Act would apply a tax, once, at the point of purchase on all new goods and services for personal consumption. The proposal also calls for a monthly payment to all family households of lawful U.S. residents as an advance rebate, or "prebate", of tax on purchases up to the poverty level.

Trade panel of BM&F Bovespa, the São Paulo Stock Exchange

São Paulo is the one of the largest cities in the world economically, and is expected to be the 6th largest in 2025. According to data of Fecomercio/SP, its gross domestic product (GDP) in 2017 was R$699.28 billion ($219.11B today).

The biggest financial center in Brazil and one of the biggest financial centers in the world, São Paulo's economy is going through a deep transformation. Once a city with a strong industrial character, São Paulo's economy has become increasingly based on the tertiary sector, focusing on services and businesses for the country. The city is also unique among Brazilian cities for its large number of foreign corporations. Many analysts point to São Paulo as an important global city, even though this assignment can be criticized considering its serious problems of social exclusion and spatial segregation. Although being the most important financial centre of the country, São Paulo also presents a high degree of informality in its economy. (Full article...)

"The world economy, like the economy of a single country, can be visualized as a system of interdependent processes. Each process, be it the manufacture of steel, the education of youth or the running of a family household, generates certain outputs and absorbs a specific combination of inputs. Direct interdependence between two processes arises whenever the output of one becomes an input of the other: coal, the output of the coal mining industry, is an input of the electric power generating sector. The chemical industry uses coal not only directly as a raw material but also indirectly in the form of electrical power. A network of such links constitutes a system of elements which depend upon each other directly, indirectly or both. The state of a particular economic system can be conveniently described in the form of a two-way input-output table showing the flows of goods and services among its different sectors, and to and from processes or entities (“value added” and “final demand”) viewed as falling outside the conventional borders of an input-output system. As the scope of the inquiry expands, new rows and columns are added to the table and some of the external inflows and outflows become internalized. Increasing the number of rows and columns that describe an economic system also permits a more detailed description of economic activities commonly described in highly aggregative terms."

—Wassily Leontief, Structure of the World Economy, 1973

• ... that Ruffian Games co-developed Kinect games to stay in business after the release of Crackdown 2?
• ... that the first batch of Action Computer Enterprise's Discovery 1600, one of the first multi-user microcomputers, was delivered to a tobacco-growing business in Thailand?
• ... that Harvard Business School professor Lauren Cohen is a powerlifting champion?
• ... that the dual circulation policy calls for China to prioritize domestic consumption while remaining open to international trade?
• ... that the 2017 acquisition of Katz Broadcasting by the E. W. Scripps Company was seen as a validation of the business of diginets?
• ... that Mary V. R. Thayer was briefly arrested on suspicion of spying after abandoning a 1929 business trip in the Soviet Union to explore the Caucasus?

May 17:

• 1868 - Horace Elgin Dodge, an American businessman, co-founder of Dodge, was born on this day.

• ...that William McChesney Martin, Jr. (pictured) was the longest-serving Chairman of the Federal Reserve serving from April 2, 1951 to January 31, 1970?

• ...that eleven of the twenty-nine winners of the John Bates Clark Medal, a biannual award given out by the American Economic Association, have gone on to later win the Nobel Prize in Economics?

• ...that Ingvar Kamprad, founder of the home furnishing retail chain store IKEA, drew some controversy in 1994 when it was revealed that Kamprad had joined Swedish fascist activist Per Engdahl's pro-Nazi group in 1942?

• ...that, according to historical legend, Laissez-faire stems from a meeting in about 1681 between the powerful French finance minister Jean-Baptiste Colbert and a group of French businessmen led by a certain M. Le Gendre?

• ...that Ransom E. Olds used the assembly line system to produce automobiles in 1901 before Henry Ford?

• ...that Antoine Augustin Cournot derived the first formula for the rule of supply and demand as a function of price and in fact was the first to draw supply and demand curves on a graph in his Researches on the Mathematical Principles of the Theory of Wealth?

• ...that the Toyota Production System (TPS) developed by Toyota, that comprises its management philosophy and practices, organizes manufacturing and logistics for the automobile manufacturer, including interaction with suppliers and customers?