SOCY 1072- Midterm Exam Guide - Comprehensive Notes for the exam ( 73 pages long!)
Document Summary
All wealthy countries use tax and transfer: in the usa, we used taxes and transfers to reduce poverty by about 9% Some core values that may influence tax policy: individualism if people work hard and long enough, they will overcome all obstacles and succeed. Pull yourself up by your bootstraps : economic belief that when the government takes taxes, they take money away from people which means t hose people have less money to spend in the economy. 3 functions of social welfare: crisis intervention, redistributing resources between groups, implement in the collective consensus how much inequality and poverty the country will tolerate. Some tax terms: progressive taxes the taxes are proportionally higher to the wealthy. The more money you make, the higher your tax rate. These are both progressive: regressive tax disproportionally burden the poor people. Pays for social security, medicare, and unemployment insurance. It"s regressive because it"s a fixed tax at.
