Question

Benjamin Franklin reportedly said, “In this world nothing can be said to be certain, except death and taxes.” In other words, taxes will always be with us.

When we think of taxes, we often focus on the largest one, the federal personal income tax. But we also pay other taxes. Some are federal, and some are only in specific geographic areas (cities or states). Paying taxes can have a significant impact on our household budget. However, it’s also important to note the benefits we receive from services that are funded by tax dollars (public education, roads, parks, food assistance, etc.).

Identify one tax (other than federal personal income tax) you pay and one benefit you utilize that is funded by tax dollars. How do both of these impact your life and your family member’s lives?

Answer 1

Taxes are those fee or levy that is compulsory for a citizen to pay as an employer and always deducted from someone's salary every month.

There are different types of taxes and through these taxes the citizens benefit in one way or another like building health facilities, infrastructures and many more. Example of taxes individual pay is transfer tax that is deducted from the property of a person who died and given to the one living, just like inheritance.

It also applies to those who are transferred for a property; it's a form of estate tax. Importance of this kind of tax is that it brings up equality since people are deducted same so no one is suppressed to stress. It saves money and time in that y not required to save for tax since it's just deducted from payroll system as it also enhance elasticity