In Relation to Measuring Global Wealth and Poverty,distinguish Among Absolute,relative,and

question 103

Essay

In relation to measuring global wealth and poverty,distinguish among absolute,relative,and subjective poverty.

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Definitions:

Refundable Tax Credit

A tax credit that can reduce the taxpayer's liability to zero, with any remaining amount being paid out as a refund.

Nonrefundable Tax Credit

A tax credit that can reduce the amount of tax owed to zero, but cannot result in a tax refund.

Tax Credit

A tax benefit that directly reduces the amount of tax owed dollar for dollar.

Child and Dependent Care Expenses

Expenses related to the care of children or other dependents that can be deducted from taxable income.