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Income Tax
Tax levied by a government directly on income, especially an annual tax on personal income.
Work and Leisure
Describes the balance between the time and effort spent in gainful employment and the time spent in recreational activities or rest.
Second Best
Refers to a situation wherein the optimal condition cannot be achieved, and the best possible alternative under the given restrictions is adopted.
Previously Existing Distortions
Inefficiencies or imperfections already present in a market before a new policy or change was implemented.
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