The idea of a negative income tax began gaining steam with the 1962 publication of economist Milton Friedman’s book “Capitalism and Freedom.” Friedman thought a negative income tax would alleviate poverty — and he believed it would have many additional benefits, as well. First developed by Milton Friedman, it supposes that a person’s consumption at a point in time is determined not just by their current income but also by their expected income in future years—their "permanent income". Under Richard Nixon, of all people, such a policy almost came into being in 1969. Even the famously libertarian economist Milton […]
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