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Economic effects: Increased tax revenue, personal income growth, enhanced The impacts of tourism, and the creation of additional employment opportunities. Sociocultural impacts : Interactions between people with differing cultural backgrounds, attitudes and behaviors, and relationships to material goods.
While pre-tax income is the primary driver of income inequality, the less progressive tax code further increased the share of after-tax income going to the highest income groups. For example, had these tax changes not occurred, the after-tax income share of the top 0.1% would have been approximately 4.5% in 2000 instead of the 7.3% actual figure.
Buildings in Rio de Janeiro, demonstrating economic inequality. Effects of income inequality, researchers have found, include higher rates of health and social problems, and lower rates of social goods, [1] a lower population-wide satisfaction and happiness [2] [3] and even a lower level of economic growth when human capital is neglected for high-end consumption. [4]
Economic inequality describes the uneven distribution of wealth, income, resources and opportunity to different groups of people in a society -- something America knows plenty about. The last...
Public policy responses addressing effects of income inequality include: tax incidence adjustments and strengthening social safety net provisions such as welfare, food stamps, Social Security, Medicare and Medicaid. Proposals that address the causes of inequality include education reform and limiting/taxing rent-seeking. [219]
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
The Congressional Budget Office reported that less progressive tax and transfer policies contributed to an increase in after-tax income inequality between 1979 and 2007. [71] Sales taxes and payroll taxes are examples of regressive taxes that tend to have a greater impact on low-income households compared to high-income households.
High-income tourism may well significantly increase leakage, as that industry likely involves importing more goods and services than usual. Ecological or adventure tourism may exhibit a very small degree of leakage, however, as they place value solely on what the host country has to offer.