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Rose and Milton Friedman "Negative Income Tax" became prominent in the United States as a result of advocacy by Milton and Rose Friedman, who first put forward a concrete proposal in 1962 in a brief section of their book Capitalism and Freedom. [10]
In 1962, economist and author of "Capitalism and Freedom" Milton Friedman proposed the concept of government subsidies for low-income families. Under this type of tax reform and social policy,...
American economist Milton Friedman advocated a basic income in the form of a negative income tax in his 1962 book Capitalism and Freedom, and again in his 1980 book Free to Choose. [ 125 ] [ 126 ] Austrian economist Friedrich Hayek advocated a guaranteed minimum income in his 1944 book The Road to Serfdom , and reiterated his support in his ...
The negative income tax (NIT), which Milton Friedman proposed in his 1962 book Capitalism and Freedom, is a type of flat tax. The basic idea is the same as a flat tax with personal deductions, except that when deductions exceed income, the taxable income is allowed to become negative rather than being set to zero.
Friedman argued further that other advantages of the negative income tax were that it could fit directly into the tax system, would be less costly, and would reduce the administrative burden of implementing a social safety net. [153]
Find out what NIT is and how it would affect you if the U.S. adopts it.
Universal basic income and negative income tax, which is a related system, has been debated in the United States since the 1960s, and to a smaller extent also before that. During the 1960s and 1970s a number of experiments with negative income tax were conducted in United States and Canada .
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