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Transfer payments are one-way payments or in-kind benefits in which no goods, money, or services are exchanged. Government transfer payments include social security, unemployment benefits, and housing benefits. There are three major reasons for government transfer payments: to ensure a basic living standard for all members of society, to reduce inequality and poverty, and to redistribute money from the rich in the form of taxes to the poor in the form of transfer payments in order to help with upward social mobility.
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