So, ask your kids a few questions relating to how they feel about paying taxes.
Right around this time period, your kids might discover the truth that Ann Landers, the famous advice columnist, did and shared with others: "A person doesn’t know how much he has to be thankful for until he has to pay taxes on it."
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Your kids might add "tax rate" to their list of reasons for wanting to move to Florida like many other Americans in recent years! (Alaska, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming are the other states with no income tax.)įrom there, depending on the age of your child, you could get into local taxes - you’ll know best how to gauge their ability to consume the realities of adult life You’ll need to take away more candy from your Californian and New Yorker - but your little Floridian won’t need to pay one Snickers more. Say one chooses to live in California (where the top income tax rate was 12.3% in 2019), another in New York (8.82% in 2019) and still another in Florida (0% since 1924). Now they will need to pay even more money - pay more candy - to the state government.įor this engaging exercise, have the kids decide in which state they will "live." government, the one that serves all the states. If you want to take a step further into teaching federalism to your children - (kid translation: Washington, D.C., doesn't get to make all the decisions, since power is divided between Washington, D.C., and each of America’s 50 states) - then it’s time for state income tax!Įxplain that the previous exercise was all about the U.S. To model this latter concept, explain to the kids that for every three pieces of candy they choose to give to someone else, you will give them one piece of candy back.ĭiscuss the specific nonprofit organizations your family chooses to support and why.Īsk your kids to think about how much they would want to give to support their favorite charities (perhaps ask them this question before and after paying their candy tax to see how generosity can fluctuate!). HALLOWEEN COSTUMES 2022: 11 IDEAS FOR KIDSĭoing this lets us choose how we want our money to help others, and it also can lessen the taxes we owe to the government, though not completely. So even if you work harder to earn more money - even if you work harder to collect more candy - you will still need to pay more money (more candy).Īt the same time, if you make less money - or collect fewer pieces of candy - you will not be required to pay as much in taxes.Īlso make note that in addition to having to pay taxes, we choose to give to charities - like your church, temple, food pantry or other civic organization. You can explain to your kids, basically, that the more money you make, the more you will pay in taxes.
Those consequences can range from having to pay even more money to being sent to prison (reassure them that neither of those things will actually happen to them!). As citizens, we must pay our assigned amount based on those rates that are decided by our elected officials.
Watch their mouths gape open as their pile of goodies dwindles!īe clear to your kids that while votes for our lawmakers - (kid translation: the line leaders who decide the rules we have to follow) - have influence over how much we pay the government in taxes. I provide the home you live in, the clothes you wear and the food you eat."ĮATING PUMPKIN MAY HELP YOU LOOK YOUNGER AND LOSE WEIGHT, EXPERTS SAY Tell your kids, as part of this educational exercise, "Now this candy belongs to me. Take away the percentage of their candy that corresponds to your family’s tax bracket. 10%, 25%) for this introductory exercise. Or - you can use any simple taxing percentage (e.g. Those taxes go to pay for a lot: roads and bridges, parks, military, schools, Grandma and Grandpa’s health care costs, jails, the needs of people who do not have jobs and more.ĭepending on your preference, you can either use real figures based on your family’s federal tax rate (you can reference easily available federal income tax information). PUMPKIN SPICE (AND EVERYTHING NICE): CONSUMERS LOVE IT BECAUSE THERE'S BRAIN SCIENCE BEHIND IT See what number they come up with before you turn to your next request.Īs you ask them to imagine this, tell them that you - as the parent - are going to be like our government.Īfter reminding them that Mom and Dad work hard in their jobs to earn money that helps pay for your house, food, clothes, cars and toys, explain that our government requires people who earn money to pay taxes to allow for the many things the public - our family, neighbors, and people all across our country - enjoys. Then, ask them to count how many pieces they have.
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