3 Subjects ... 2 Assignmens

ECO 110: Taking Charge of Your Economic Future

Week 4 Discussion Question

Part 1: Taxes

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?

Also, please respond to the post of at least one classmate.

Bottom of Form

Part 2: Student Response

Vatleria Thomas 

RE: Taxes

Class, 

Property taxes is the tax on property which most likely is dealing with real estate. This is a tax necessary to function in every state to bring in much needed revenue. It's mostly used to fund public schools, some private schools, public safety, infrastructure, state and local government. A significant percentage or most of this tax is used to fund the school system. If you haven't noticed that majority of the best public schools are located in areas which the homes are higher in value or where the property taxes are much higher.  This is one reason I don't mind paying property taxes because my children benefit from the school district for sports and the educational programs. Plus, it funds the salaries of officers that keep the campus and all sporting event held safe at all times. We pay someway or another for the little perks we receive in life.

Bottom of Form