MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Chapter 18, Problem 9IP
To determine

The fairness of income distribution.

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Many economists believe that a more effective way to supplement the income of the poor is through a negative income tax. Under this scheme, everyone reports his or her income to the government; individuals and families earning a higher income will pay a tax based on that income, while low-income individuals and families receive a subsidy, or negative tax. Assume that the only qualification required to receive a tax credit is low income.
Compare and contrast the people living in poverty and extreme poverty.
What percentage of families in the United States is classified as poor? Which demographic groups have higher poverty rates?
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