Socialism owns means of production publicly, while capitalism privately owns them. Socialism aims to eliminate income inequality through government control. Capitalism relies on supply and demand, while socialism controls prices
Universal Credit combines six benefits into a single monthly payment. Announced in 2010 by Duncan Smith to make social security fairer. Replaces six legacy benefits for working-age households with low income
Social Security is administered by SSA and covers 94% of US workers. Program costs $1.244 trillion in 2022, 5.2% of US GDP. Funded primarily through payroll taxes and trust fund reserves. Trust fund depletion projected for 2035, could pay 77% of benefits
Social welfare system provides financial assistance to needy individuals and families. Benefits vary by country, state, and region. Eligibility depends on income, assets, and family size
IRS will pay half of Child Tax Credit in advance monthly payments from July 15. Eligibility requires filing 2019/2020 tax return and having qualifying child under 18. Main home in US for over half year or joint filing with US-based spouse. No action required for eligible taxpayers with direct deposit setup