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The taxicabs of the United States make up a mature system; most U.S. cities have a licensing scheme which restricts the number of taxicabs allowed. As of 2012 the total number of taxi cab drivers in the United States is 233,900; the average annual salary of a taxi cab driver is $22,820 and the expected percent job increase over the next 10 years is 16%.
Taxi fares are set by the state and city where they are permitted to operate. The fare includes the 'drop', a set amount that is tallied for getting into the taxi plus the 'per kilometer' rate as has been set by the city. The taxi meters track time as well as distance in an average taxi fare.
In 2014, that price had risen to around $700,000. [7] Shortly thereafter, however, medallion prices began to sharply decline. According to the Boston Herald, by the end of 2018, the value of a Boston Taxi Medallion had collapsed; after reaching an all-time high in 2014, prices had fallen to around $40,000, representing a 95% loss. [8]
Taximeters manufactured by ABU in Sweden. Left to right: Swedish, German, English. Argentine Taxímeter "Digitax Printer" in "Libre" (Available) mode. The modern taximeter was invented by German Friedrich Wilhelm Gustav Bruhn in 1891, [3] and the Daimler Victoria—the world's first meter-equipped (and gasoline-powered) taxicab—was built by Gottlieb Daimler in 1897.
“Flagfall” is a taxi word that means the minimum cost for hiring a taxi. When the taxi meter is started, your cost starts at the flag fall value, and increases with distance travelled or time taken. When the passenger steps inside the taxicab, the flagfall condition is triggered and the taxicab driver can start the taximeter.
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