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Transfer Payment |
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Transfer Payment Money that a government gives to individuals, usually through a social welfare program. For example, elderly people in the United States who have paid FICA taxes for a certain number of years receive a Social Security check from the government every month. This is a transfer payment. Another type of transfer payment is money given to a state or province with the proviso that it will fund the state or province's social welfare programs. For example, under the Personal Responsibility and Work Opportunity Reconciliation Act in the United States, each state receives a certain amount of money from the federal government to fund welfare and similar programs for the poor. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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