Posted on 10/24/2024 2:57:39 PM PDT by Bogle
Out of the blue, my 10-year-old son told me he didn't like Trump because Trump was going to give tax cuts to billionaires, but he liked Kamala because she was going to help the people who aren't rich. He didn't get this from school--he got it from a constant barrage of commercials.
I've had no problems explaining other leftist follies to him, but explaining taxes to a 10-year-old? Do any of you know how to approach taxes with a 10-year-old?
I've had no problems explaining other leftist follies to him, but explaining taxes to a 10-year-old? Do any of you know how to approach taxes with a 10-year-old?
Tell him this:
“They’re all crooks. Don’t pay attention to what politicians say. Pay attention to what they do.”
Put 10 skittles in front of him. Tell them they are his reward for being a good boy. Then take 5 of them and say Kamala insists you give those 5 to the kid who cheats off his test paper.
Good advice.
I would tell him that the billionaires pay most of the taxes now in the country. To ask them to pay more is not fair despite how much money they make.
If they pay more taxes, they may have to find a way to let go some of those employees that just got that nice tax cut.
Start taking his stuff away. Give him some chores to earn it back, than take 30-40 % again
He’ll definitely get the message then.
Rich people hire people. Poor people don’t hire anybody.
There aren’t enough billionaires in the world with enough money to run the government for more than a few hours. If you tax them more, you will get less money as they go away.
Does the kid get an allowance?
Take a portion of it when explaining taxes to him.
I used to start tax conversations with my children on my belief in the purpose of the tax system. I believe that taxes should be used to fund government; defense, national parks, etc.
Other people believe that taxes should be used to alter behavior—electric car credits, home ownership, having children (all things you can get deductions for) or long term investment in businesses (capital gains taxes.)
I told them that I thought I knew what to do with my money that was best for me and my family. I do not need the government “inventing” me to do what THEY want.
A fundamental understanding of what taxes are, who pays them, and what they are used for is much more important than discussing whether Elon Musk pays enough taxes.
It is also a good opportunity to shift the perspective to how the government spends their money; and whether or not that is good for us.
“Trump was going to give tax cuts …”
Start with the basics. Government doesnt give tax cuts. They take/steal not give.
Put it in terms a child can understand. Ask him to imagine some bully wanting to take his stuff and give it someone else etc.
I appreciate this, you all. Please keep the suggestions rolling in. I think these things can cover the next few years of development.
...unless they're baseball fans. In that case use baseball stats to communicate the concepts.
For example this year Aaron Judge had 180 hits, 58 homers and a batting average of .322, making him a "high earner."
Compare him to catcher Austin Wells who had 81 hits, 13 homers and a .229 batting average, making him kind of "middle class."
Just use those stats and present them as though they were earnings in dollars. Show him what it would mean for Judge to have to give up 30% of his home runs vs. Wells giving up 30% of his, etc.
And the more you take, the more likely he’ll get the message.
And hopefully he’ll start to understand then.
Some kids at school work hard to get A’s, but the teacher thinks that’s not fair to the kids who don’t even try and get F’s. She takes away points from the A students and gives them to the ones who don’t work so everyone gets C’s.
The F students don’t work harder because, they got C’s.
The A students stop working hard because their hard work got no recognition or reward. Everyone in that group of students loses out.
That’s right.
Good but not quite far enough.
Put out ten dollars in various bills and coins. Now tell him that each dollar represents $10,000 in income. Now you will figure out your taxes.
First you remove 12.4 and 2.9 of the total. (That would be a $1.53 for those of you playing along at home) Tell him that those are the SS and Medicare tax and they come off from the first dollar that you earn.
This was quite a surprise to Oldest Daughter when she had to file because she assumed that with her small earnings taxes would not apply to her. Hehehehe. No.
Now he does get a deduction of $14,600. So he can subtract that out. ($1.46) Now $11,925 is taxed at ten percent and $48,475 is taxed at 12%.
Ask him to figure out what he owes in taxes.
Tell him that he will be grounded if he makes a mistake.
Now tell him that you are going to take most of his taxes for yourself but you are going to give his sister a fraction of a piece of candy and say that was "what the taxes were for" even though you kept most of it.
Wouldn’t that be more like socialism? I used monopoly money and the hotels to explain it.
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