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

Answer

One of the taxes paid by me is Property tax.

Property taxes are imposed by local governments and charged on a recurring basis. We generally pay our real estate taxes once a year.

The local governing body uses the assessed taxes to fund water and sewer improvements, and provide law enforcement.

Although its costs us to pay the taxes but it provides us with safety. The government also fulfils our basic necessities of sewers, security, water etc. Thus, the benefits are way more than the property tax so paid by us.