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Higher Money Incomes: Taxes on income are also steeply progressive and are more sharply tilted against high earners than in most other Western countries. They have not been changed in principle for many decades now, although the rate at which they were levied tended to fall until 1959 and to rise thereafter. Inflation also tends regularly to work in an upward direction, taking income earners with the same real income, but higher money incomes, into higher marginal tax rates.
Even if food were plentiful, money to purchase it is not always available; about 50% of the population of most developing countries exist on incomes of less than $200 per year.
During 1967, five million U.S. citizens with low incomes received government food stamps or surplus commodities. An additional 25 million persons live under what are defined as "poverty conditions," and many of these eat poorly.
GRESHAM'S LAW, gresh'amz, in economics, is usually stated as "bad money drives out good." The law stems from the fact that money has a value both as money and as a commodity in the open market. The former value is set arbitrarily by law and is relatively fixed; the latter is determined by supply and demand and varies from time to time, "Good money" has a higher value as a commodity than as money and will disappear from circulation. |
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