Taxes to me is the most important takeaway from every lesson by far because it prepares us for the real world and gets us ready for what we will have to go through as adults, so basically we have an advantage now since we started learning about it as teens.
Taxes are important and essential to me because without taxes the government wouldn't be able to hire employees or pay for any social programs such as sports teams, clubs etc.
We as the state of Illinois need to pay taxes because the money from taxes pay for infrastructure such as roads, water systems, parks and public transportation. Social programs such as social security, Medicaid and medicare wouldn't be possible without taxes and we need all of these essentials.
Taxes are a big deal and essential for me to know about, however there are a handful of downfalls that I discovered. I learned that A senator from another country can secure millions of dollars from federal tax payers and use the money to better their country for something that they need, essentially depriving those in other states who need the funds to maintain.
Another important downfall about taxes that I recognized is that the higher taxes are, the less money citizens will have to spend on goods and services and lower consumption leads to less revenue for business.
Taxation can be used as a weapon against activities that are considered harmful, such as smoking and drinking. When the government taxes a certain product or services, such as cigarettes or alcohols, it places a disincentive on purchasing the product service.
A surprising fact that I came across is that the IRS spends $2.45 for every $100 that it collects in taxes. That goes to show that when we pay taxes the government is immediately spending our money with no remorse, but that is a part of the reason why there is a such thing known as tax refunds.
A Tax refund is extremely to tax payers because they can get a tax refund on their income tax if the tax they owe is less than the sum of the total amount of the withholding taxes and estimated taxes that they paid, plus the refundable tax credits that they claim. This interests me because now I know that I am able to get the money that I pay for taxes back under some occasions.
Something that I failed to realize is that not everyone pays income taxes. Everyone is subject to filing federal income tax forms, but those who's income falls under the minimum bracket at the time of filing or whose exemptions or deductions reduce taxable income to zero do not pay any federal income tax. I had no clue about this and that is why it interests me, I didn't know someone could get out of paying taxes because of their financial situation but I find it a great thing that the government does that for those who cannot afford to pay taxes.
Lastly the thing about taxes that interests me the most is that the IRS receives over 140 million individual tax returns and collects over $950 billion in taxes. This is Ironic to me because $950 billion dollars is enough money to change everyone in the worlds lives but this money is going no where, in my opinion that money should go towards shelters and people who need it so nobody in the world should be homeless.