a flat tax coupled with a credit given to all citizens and the abolishment of basic wellfare
a proposed reform for that system to eliminate cheating and poverty traps, but otherwise all three groups support that
A tax and redistribution scheme that provides every household with a guaranteed minimum annual income and taxes all market income at a fixed marginal tax rate. (p. 446)
A redistribution scheme that gives every family a guaranteed minimum annual income and taxes all income above the guaranteed minimum at a fixed marginal tax rate.
A taxation system where income subsidies are given to persons or families that are below the poverty line.
In economics, a negative income tax (abbreviated NIT) is a method of tax reform that has been discussed among economists but never fully implemented. It was developed by Juliet Rhys-Williams in the 1940s and later by United States economist Milton Friedman in 1962. Negative income taxes can implement or supplement a guaranteed minimum income system.