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Tax Systems and Economic Growth

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Questions and Answers

What did Abraham Lincoln's Homestead Act do?

It gave people the opportunity to earn ownership of land (correct)

It gave people free land without any conditions

It divided up wealth among the population

It limited ownership opportunities to a select few

What is the purpose of a Capital Homestead Act?

To give people free land without any conditions

To divide up wealth among the population

To promote justice at both macro- and micro-economic levels (correct)

To limit ownership opportunities to a select few

Why would limiting ownership opportunities to finite land and natural resources result in poverty?

Because people would not be able to develop the land

Because the population would grow while the wealth remains static (correct)

Because technology is the only source of wealth

Because the government would control all the wealth

What is the goal of a just tax system?

To encourage economic self-sufficiency for all citizens Signup and view all the answers

What is the advantage of a single-rate tax over a progressive or graduated tax?

It is administratively more efficient Signup and view all the answers

How should inheritance policy be restructured according to the text?

To discourage excessive concentrations of wealth Signup and view all the answers

What are the twin pillars of the economy according to the text?

Universal participation in the ownership of capital resources and full employment of labor resources Signup and view all the answers

What is one way to maximize ownership opportunities for all citizens?

Restructuring Federal Reserve policy and Federal tax policy Signup and view all the answers

What is the goal of the Capital Homestead Act proposed in the text?

To enable every citizen to become economically independent Signup and view all the answers

How much capital credit would be allocated annually to every Capital Homestead Account?

$7,000 Signup and view all the answers

What is the potential dividend income a child born in 2008 could receive by the time they reach age 65, according to the text?

Nearly $1.6 million Signup and view all the answers

What are the three components of a national Capital Homesteading program?

Reforming national monetary policy, simplifying the national tax, and reforming inheritance policy Signup and view all the answers

What is the purpose of central banks in relation to money creation?

To create money, which can be either good money linked to productive growth or bad money with no asset backing Signup and view all the answers

What is the main objective of Capital Homesteading reforms?

To free economic growth from past savings and create a domestic source of new asset-backed, interest-free money and expanded bank credit Signup and view all the answers

What is the purpose of a two-tiered interest policy by the central bank under Capital Homesteading?

To distinguish between productive and non-productive uses of credit and link the increase in the money supply to the growth of productive assets Signup and view all the answers