Guaranteed Minimum Income (GMI) is a social welfare policy designed to ensure all citizens receive a minimum level of cash payment, distinct from measures like Guaranteed Annual Wage which pertains to employer-employee agreements.
An in-depth exploration of income redistribution, its mechanisms, and impacts on society. Learn about taxation, government spending, and controls used to alter income distribution, and the delicate balance needed to maintain incentives for work, savings, and enterprise.
A means of targeting social security benefits to those most in need using the income-tax system. After submitting an income-tax return showing an income level below a set minimum, an individual would receive a direct subsidy from the tax authorities bringing income up to that level.
Transfer payments are income payments made without the receipt of goods or services in exchange. These payments are primarily used for social welfare, supporting retired, disabled, and unemployed individuals.
Income Redistribution - A way of spending personal income among various classes in society, designed to reduce economic inequality through mechanisms such as progressive taxation and the federal estate tax.
Explore the concept of the Utility Possibility Frontier, a curve representing the maximum utility that two consumers can achieve from redistributing income.
Explore the concept of Negative Income Tax (NIT), its mechanisms, implications, and potential as a welfare reform by providing refundable credits to individuals below a certain income level.
