Friedman proposed replacing all Federal welfare programs with the negative income tax system he describes above. If you made no money, the IRS would pay you, decreasingly on a sliding scale as your income increased, until you reached the point that you paid income tax. Carter and Reagan partially implemented the idea via the Earned Income Tax Credit.
hi
could someone please explain to me what this video is trying to explain?
hyylo 2 months ago
@hyylo
Friedman proposed replacing all Federal welfare programs with the negative income tax system he describes above. If you made no money, the IRS would pay you, decreasingly on a sliding scale as your income increased, until you reached the point that you paid income tax. Carter and Reagan partially implemented the idea via the Earned Income Tax Credit.
AngrySemite 2 months ago