Which of the following characterizes the negative income tax concept?
◦ It is a flat tax that lower-income households do not pay.
◦ It is a progressive tax structure with enough deductions to provide refunds to some.
◦ It is a regressive tax with low-income earners getting a refund back when taxes are filed.
◦ It is a guaranteed annual income with earned incomes taxed at a flat rate.
◦ It is an income tax that eliminates all the inefficiency that occurs with the current tax system.