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In economics, a negative income tax (NIT) is a system which reverses the direction in which tax is paid for incomes below a certain level; in other words, earners above that level pay money to the state while earners below it receive money.
Accounts may be added to the chart of accounts as needed; they would not generally be removed, especially if any transaction had been posted to the account or if there is a non-zero balance. International aspects and accounting information interchange – Charts of accounts and tax harmonisation issues
Negative income tax, an income tax where the poor receive payment from the government, instead of owing taxes. Windfall profits tax is a tax on profits gained by a company that has some kind of large unexpected profit.
Find out what NIT is and how it would affect you if the U.S. adopts it.
In economics, a negative income tax (abbreviated NIT) is a progressive income tax system where people earning below a certain amount receive supplemental payment from the government instead of paying taxes to the government.
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income accounts, which show primary and secondary income flows—both the income generated in production (e.g. wages and salaries) and distributive income flows (predominantly the redistributive effects of government taxes and social benefit payments). The balancing item of the accounts is disposable income ("National Income" when measured for ...