In their view, people think of a large lump-sum tax cut as new wealth and thus save it, while they think of the extra money that shows up in their weekly paycheck as additional income and spend it.
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Variable annuities are a form of life insurance that includes a lump-sum death benefit and tax-deferred investments, often mutual funds, which are supposed to provide income during a client's lifetime.
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Prof Miles says the easiest way to think about a "helicopter drop" is as a lump sum temporary tax cut - or a one-off reverse poll tax - financed by new government bonds which are purchased by the Bank of England on the secondary market, but with all interest and redemption payments etc transferred back to the Treasury.