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Finance: Why Do Taxes Exist? 137 Views
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Description:
Why do taxes exist? Without taxes, Uncle Sam wouldn't be able to boss us around via the IRS, which uses taxpayer money to run the government. Those taxes happen at a local level as well, in the form of real estate taxes, state income taxes, and taxes on local sales, cleverly called sales tax.
- Social Studies / Finance
- Finance / Financial Responsibility
- Life Skills / Personal Finance
- Finance / Finance Definitions
- Life Skills / Finance Definitions
- Finance / Personal Finance
- Courses / Finance Concepts
- Subjects / Finance and Economics
- Finance and Economics / Terms and Concepts
- Terms and Concepts / Accounting
- Terms and Concepts / Banking
- Terms and Concepts / Board of Directors
- Terms and Concepts / Company Valuation
- Terms and Concepts / Econ
- Terms and Concepts / Insurance
- Terms and Concepts / Investing
- Terms and Concepts / IPO
- Terms and Concepts / Marketing
- Terms and Concepts / Metrics
- Terms and Concepts / Real Estate
- Terms and Concepts / Regulations
- Terms and Concepts / Retirement
- Terms and Concepts / Stocks
- Terms and Concepts / Tax
- Terms and Concepts / Trusts and Estates
- College and Career / Personal Finance
Transcript
- 00:04
Why do taxes exist and notice we're saying that with a kind of a whiny tone
- 00:10
alright well someone has to pay for this and this and this and this yep there are [Hand pointing to a road, a school, a plane and a park]
- 00:17
a bunch of different types of taxes in each of them carries a different purpose
- 00:20
yeah Road taxes get paid in large part out of
- 00:24
the gasoline you buy you got to pay for the building and maintaining of potholes [Car drives into a pothole]
Full Transcript
- 00:28
right and that makes sense if you drive a car you use the roads more so you
- 00:33
should pay more for its use that's like a use tax get it cleverly named if for [Price for federal tax per gallon and state tax per gallon]
- 00:38
when you own a home you'll pay real estate tax and for the most part that
- 00:41
tax is designated to pay schools all right well but like everything [Hand holding money from real estate tax to pay for schools]
- 00:45
government related nothing is simple in America the federal government has kind
- 00:49
of a matching program for schools where they pay for a portion of the education
- 00:54
cost based on various factors and you don't want us to get into that in the [complicated equation on chalkboard]
- 00:58
video all right well the largest taxes most people pay are income taxes and
- 01:02
those generally pay for the government to you know govern us if a couple made a
- 01:06
hundred grand jointly in California last year they'd pay around thirty [A couple stood together in their home]
- 01:09
thirty-five grand in taxes that money covers things like shiny new airplanes
- 01:13
to force the mean countries to play nice in the schoolyard it covers repairs to
- 01:18
crumbling bridges and tunnels across the country it covers public protective [Bridges crumbling]
- 01:22
services like police and fire department people
- 01:24
it covers libraries and public parks, well don't feel like you're getting your
- 01:28
money's worth these days if you're ever not feeling that you can always move to [Woman chased from a park by a tiger]
- 01:33
the Ukraine discounts on citizenship they're everywhere
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