Taxes are collected by the government from different people, establishments, organizations, companies and institutions all over the country. Well, some people thought that taxes are a burden to us but taxes do play an important role in our economy. As we all know the government is responsible for providing the people with several services that the people needs. From it, taxes help in financing the government in order to provide good services for the people. The services that the government will provide will be for the betterment of our economy and society.
Teachers usually asked us, “Even though you are still students, do you know that you’re already paying taxes?” Well, yes, even though we’re still students, we are already paying taxes. Just like buying something from grocery stores or even in a department store, we are already paying taxes. Actually, there are 2 types of taxes – direct tax and indirect tax. Direct tax refers to tax that is levied directly on those who ultimately pay them and cannot be passed on to others. And while the Indirect Tax is a tax that can be shifted in whole or in part to someone other than the person directly responsible for payment. So, buying something from grocery stores or department stores and paying VAT is already considered as an indirect tax.
Overall, taxes are really important in our economy. I realized that each one of us does have contributed in developing our economy and that is through our taxes. But, right now, I feel like the money that we pay (tax) were not used properly. Supposedly, the government should use the money for the development and improvement of our very own society but right now, I can’t feel or sense any improvement at all…
University/College: University of Chicago
Type of paper: Thesis/Dissertation Chapter
Date: 28 September 2016
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