They use simulation to teach the difference between Keynesian and neoclassical economics, tax incidence, the trade-offs between equity and efficiency in tax policy, how a negative income tax would work, and important ideas in international trade.
What does NIT stand for?
NIT stands for Negative Income Tax
This definition appears frequently and is found in the following Acronym Finder categories:
- Military and Government
- Business, finance, etc.
See other definitions of NIT
We have 103 other meanings of NIT in our Acronym Attic
- Network Information System / Yellow Pages
- Nahzati Islomi Tojikiston (Islamic Renaissance of Tajikistan)
- National Indigenous Times (est. 2002; Australia)
- National Institute of Technology
- National Intelligence Test
- National Investment Trust (Pakistan)
- National Invitation Tournament
- Nations in Transit (survey; Freedom House; Washington, DC)
- Near Infrared Transmission
- Near-Identity Transformation
Samples in periodicals archive:
Among conservatives there is now much more suspicion of the welfare state and little support for a negative income tax.
Economist Milton Friedman, the 1976 Nobel laureate, proposed a negative income tax for society's poorest members in "Capitalism & Freedom" (1962).
In his 1961 book "Capitalism and Freedom," he developed the idea of a negative income tax system, an inverted progressive income tax, to guarantee a minimum income to poor families.
The Negative Income Tax and the Earned Income Tax Credit Milton Friedman's pure negative income tax (replacing all income redistribution programs) never became a legislative proposal.
As described in the book, "the impetus to do something real" about the problem came from Economists Milton Friedman and George Stigler who, in the mid 1940s, wrote a paper that proposed a guaranteed annual income (GAI) and a negative income tax (NIT).
The two main types of policies that can achieve the goal of putting a floor under everyone's income are the Basic Income (BI) and the Negative Income Tax (NIT).
The Negative Income Tax Friedman proposed his idea of a negative income tax as a poverty-alleviation measure and as an alternative to all other existing government programs.