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3 cards from this section. Quick, good the night before a test.
Define personal income.
Think about what income looks like after taxes.
What is the role of transfer payments?
Consider where the money comes from.
What is personal disposable income?
What do you have left after paying taxes?
True or False: The government’s taxation policy has no impact on household disposable income.
Think about tax deductions.
If a government increases taxes from 20% to 25% on a household with an annual income of $50,000, calculate the change in disposable income.
Calculate original and new tax amounts to find the difference.
A government decides to provide transfer payments of $5,000 to a low-income family. If this family's original disposable income was $30,000, what will their new disposable income be?
Add the transfer payment to the original disposable income.
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