negative income tax

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Negative income tax

A proposal to assist taxpayer with below-subsistence-level incomes. After filing a tax return, such persons would receive a subsidy to bring them up above the poverty level.

Negative Income Tax

A tax system or bracket in which persons with an adjusted gross income below a certain amount receive money from the government. This system intends to bring people out of poverty, or at least to make their situations less difficult.

negative income tax

a proposed TAX system aimed at linking the TAXATION and SOCIAL-SECURITY BENEFITS systems for low-income or no-income members of society. This is done by replacing the separate systems for collecting PROGRESSIVE TAXATION and for paying social security benefits by a single system that links the two together by establishing a common stipulated minimum income level, taxing those above it and giving tax credits to those below it.

Proponents of the negative income-tax system point to its advantages in assisting in the removal of the POVERTY TRAP and in making labour markets more flexible. See SUPPLY-SIDE ECONOMICS.

References in periodicals archive ?
NIT - Islamic Income Fund (NIT-IIF)###September 04, 2019###9.9841###9.9841
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6 -- National Institute of Technology (NIT) given to Nagaland through an enactment of Parliament and which was attached to its NIT Silchar, Assam, will now be shifted to Nagaland.
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Just in time for March Madness, The Lincoln Building has leased a pre-built unit to the National Invitational Tournament, LLC (NIT), managed by the National Collegiate Athletic Association (NCAA).