Taxes: How They Affect Us

Posted on November 5, 2022

Taxes: How They Affect Us

Nobody likes to pay taxes, but taxes do not seen as dreadful if we look at how high the cost of low taxes can be. The general notion is that low taxes are good, but this is not always the case. An example is the privatization in the health care system. Statistics reveal that privatized healthcare charges more and delivers less; the actual cost of paying low taxes turns out to be having to pay more privately.

Many times, politicians promise to reduce taxes, but when we contemplate tax reduction, we must also consider the impact lower tax revenue would have on important government services such as safety and education. Given the cost of some of these services in the private market, paying taxes does not seem all that bad.

When considering taxes and tax reduction, we need to remember precisely what taxes pay for. We must be aware of the fact that paying lower taxes may have a high cost. If people claim that taxpayers can pay less in taxes without it affecting the quality of services, we must be concerned about whether or not this is likely to happen. After all, taxes do not sound frightful when we remember that the U.S. does not have of the highest tax rates for individuals and companies.

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