verb, primarily. (pronounced: schhmaaacks)
1. As harvard:schmarvard, (from the popular book title, but not necessarily disparagingly)
tax, relax, or boombax:SCHMAX!
2. It's the next big thing coming your way. And it can be whatever you want it to be. 8-).
"Schmax is the next it. Butala, I'm taking over your mifflin with my schmax. Now that's schmaxxin."
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