consider a worker who earns 800 per hour and has, Financial Accounting

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consider a worker who earns 800 per hour and has

Consider a worker who earns $8.00 per hour and has no other source of income. Compare the following two transfer policies:

i. A negative income tax that sets the tax (per day) at T = 0.2Y - 15

ii. An earned income tax credit that subsidizes the worker at 40 cents for each dollar earned, up to a maximum daily subsidy of $15, maintains the subsidy at $15 until the worker's labour earnings equal $45 per day, and then phases out at a rate of 20 cents per dollar of earnings.

Illustrate the budget constraints generated by these programs, showing both in the same diagram.

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