Cookie Consent by TermsFeed Basics of Taxes - Insurance| Life Insurance

Basics of Taxes

Basics of Taxes
Welcome to a new unit on taxes. We'll be spending a lot of time with taxes especially income taxes. So this post though is just about the basics of taxes and all of the different types of taxes that we'll be talking about this post.


So what are taxes?
They are a sum of money demanded by a government to support itself as well as specific facilities or services. They're paid by us the taxpayers. We are people who pay tax to a national state county or municipal government. So technically even though you might not realize that you're all taxpayers because you've paid taxes when you buy items through sales tax.
So they'll be one of the types of taxes we talk about.
Why do we have taxes?
 they help us provide money for roads public schools libraries police and fire departments military recreation and a lot more so our taxes definitely go towards several benefits both nationally and locally.
They're important for us to have services provided for the communities.


 How are your tax rates determined ?

they're determined by the government whether that be City Council City Commission state legislatures or Congress. Tax rates are determined by the government.

 However we as voters elect the government so typically taxpayers are voters and we work as a voting group to elect the people who represent us. And so especially lately there's been a lot in the news with President Trump's new tax plan that will actually be talking about a little more later on.

 So tax rates are determined mostly by the government but that means they're dead determined by us because we vote for the people who go into government.

0 Comments