What is Tax?
Get ready for a tax-tastic expedition with “Tax”! This video invites you to embark on a captivating journey into the world of taxation and its impact on our finances. From income tax to sales tax, we’re about to delve into the essential facts and insights that shape our understanding of taxes. Join us as we navigate through the different types of taxes, understanding how they fund public services, infrastructure, and government programs. From exploring tax deductions and credits to understanding the importance of filing your tax returns accurately and on time, we’ll unravel the intricacies of this crucial aspect of personal finance. So, prepare to enhance your knowledge and join us on this informative adventure through the realm of taxes. It’s an exploration that will leave you informed and empowered, equipping you with the tools to navigate the world of taxation and make informed financial decisions. π΅πΌπ‘
Transcription for What is Tax?
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it Hi guys, today. We are learning about tax. I’m reading a comic it’s really exciting. It’s about a man called Robinhood. Have you heard of him? Robin Hood lived a long time ago He was once a Lord and had lots of money. He lived in Nottingham. He returned from a war to find his money had gone and he was no longer rich. The Sheriff of Nottingham was in charge and he made the poor people pay really high taxes. They became even poorer and poorer and the rich became even richer Robin Hood and his friends thought this was not fair and stole money from the rich and gave it back to the poor everyone loved him.
I was quite confused when I read it at first, so I asked my teacher for help my teacher answered. Taxes are really important Jamal the government takes money off people to help pay for things. Huh? I thought the government already had lots of money. What does the government need to pay for I asked? Well, my teacher explained they have to pay for you being here. They pay to build schools maintain them and pay for teachers and the things we used to teach you. Wow, I didn’t know that what else?
Do I also have to pay for the Police Service a military to help protect us? So pay for jails Court police cars army bases planes and ships. They have to feed the military. It’s a huge amount of money needed to run these things as you can imagine. My teacher also told me that the government have to build roads Bridges Waste Management sewers and lots more. I was amazed. I really never thought about who paid for these things. So, where do you go to pay the taxes?
I asked does someone like this Sheriff of Nottingham. Come to collect them. My teacher laughed he said that it was just the story. Then where does the money come from? My teacher told me taxes come from lots of different places not like the story at all. Usually how much you pay the parents on what you earn from your job. He said that company have to pay taxes. Based on how much they earn this is called corporate tax. So the bigger the company the more tax it has to pay people pay taxes based on how much to get paid for doing their job.
It usually comes out of the monthly pay. This is called income tax. I got it. Because it’s based on how much you bring in. My teacher nodded absolutely. Also when you buy a house that is over a certain amount you pay tax on Top This is called stamp Duty. It must not be nice to see some of your money disappear. I said to my teacher. I don’t think I’d like it if my mum took away some of my pocket money for looking after me. My teacher laughed.
Well, it is very expensive running a country might take more than your pocket money. Hahaha. I agreed and nodded maybe I should practice using my bow and arrow just in case.