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Why Do We HATE Paying Taxes? 

Two Cents
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America has one of the lowest tax rates in the world, and we each enjoy the benefits of our tax dollars every day... so why do we hate paying them so much?
sources:
knowledge.whar...
www.ncbi.nlm.n...
papers.ssrn.co...
www.wired.com/...
www.thisameric...
www.thisameric...
www.theatlanti...
www.theatlanti...
www.washington...
www.financiale...
www.taxpolicyc...
www.thebalance...
behavioralscie...
www.washington...
www.washington...
www.pbs.org/ne...
www.vox.com/20...
www.propublica...
www.irs.gov/ne...
reason.com/201...
www.taxpolicyc....
Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson, AFC®
Directors: Katie Graham & Andrew Matthews
Written by: Andrew Matthews
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Dano Johnson
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Music by: APM

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29 сен 2024

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Комментарии : 1,2 тыс.   
@TwoCentsPBS
@TwoCentsPBS 3 года назад
Thank you to Policygenius for Supporting PBS. To learn more, check out Policygenius: policygenius.com/twocents
@osmosisjones4912
@osmosisjones4912 3 года назад
No american ever what about communist
@osmosisjones4912
@osmosisjones4912 3 года назад
Shouldn't the net tax payers have the most say
@koneal2000
@koneal2000 3 года назад
I don't care who the IRS sends I'm not paying taxes.
@osmosisjones4912
@osmosisjones4912 3 года назад
Seems like projection from welfare stonges that the net tax payers don't pay their fare share
@asianati8879
@asianati8879 3 года назад
Maybe a stretch but can you do a video of American's taxes + tuition + healthcare costs + etc. that other developed nations include into their taxes, whereas in the United States we opt to pay out-of-pocket or take out loans. I've heard and wish to see some clarification from a credible source that despite the United States has one of the lowest tax rates in the world, if you include all the other services that other developed nations provide with their taxes, Americans are actually paying more in comparison to other nations.
@ashassassin
@ashassassin 3 года назад
I have no issues paying taxes as a US citizen, however I hate that I have to do the paperwork when the government already has all the info they need. Always struck me as odd.
@ToastAbrikoos
@ToastAbrikoos 3 года назад
I thought the Turbo Tax people and all those other people depending on it, are giving the government enough money to vote against the new (and let's say, general in the western world) system.
@cynthiab3168
@cynthiab3168 3 года назад
Exactly! They already know how much you owe, why do I have to guess?
@m8956
@m8956 3 года назад
Speak for yourself. Make it voluntary then, and you can give up your money to the government at your discretion rather than forcing your fellow citizens to do the same at gun point.
@absp2006
@absp2006 3 года назад
Intuit and other companies lobbied for this system.
@jamiesangster9540
@jamiesangster9540 3 года назад
It's a $12,000,000,000.00 a year industry that would disappear over night.
@sybre6259
@sybre6259 3 года назад
The Dutch "IRS"'s slogan is (roughly translated): "We can't make it more fun, but we can make it easier." As an international sole propriety business owner, I only have to file two forms: EU One-Stop-Shop VAT sales and national VAT income/revenue. Takes about 45 minutes per year. Simple :)
@everythingisfine9988
@everythingisfine9988 3 года назад
The Dutch have an advance society. We should Barrow those concepts
@TwoCentsPBS
@TwoCentsPBS 3 года назад
Sheesh. Must be nice!
@iloveprivacy8167
@iloveprivacy8167 3 года назад
I'm in Canada, and still have to do the forms, but there's a button to auto-fill most of it from the government's records: I only had to add charitable contributions, and decide how much of my Home Buyers Plan (loan-to-self from retirement savings) to pay back.
@barvdw
@barvdw 3 года назад
@Exocentric unless you are self-employed, the flat rate is more interesting for most people. And in order to simplify taxes, they've lowered the rates, but did away with a lot of deductibles anyway. I'm Belgian (neighbouring country to the Netherlands). Our tax system is a little more antiquated and complicated, but even then, for the vast majority of the people, it's quite simple to fill out your taxes. If you're an employee, you can go online, check if your employer has sent your pay stub to the tax administration, check for deductibles like charitable donations to recognised organisations, childcare, etc, see if all your children and other dependants are there, open the mortgage app inside the tax website, play a bit with the already encoded data to see how it's best distributed between your spouse and yourself, and if you want to reclaim some taxes on the interest on your investments, you can enter those, too. Done in perhaps half an hour. If you're self-employed, you will need part B, too, where you will have to declare both income and expenditure, and for those, having an accountant is still a good idea, even if it should be possible to do it yourself if you don't have a business with employees. Our system is far from perfect, tax codes are numerous and ever-changing, our federal system has added a layer of complexity, too, etc. But listening to these and other systems, I still prefer our system to the US's. Especially the lack of help is astounding.
@sybre6259
@sybre6259 3 года назад
@Exocentric thank you! I wanted to say income/expenses, but landed on income/revenue 😅
@robertmaxa6631
@robertmaxa6631 3 года назад
"Why Do We HATE Paying Taxes?", Because we don't get what we perceive as value, for our money.
@Timbone07
@Timbone07 3 года назад
Doesn't make it true. Americans get 24/7 electricity, Fire Department and others. Other countries wish they get the same
@everythingisfine9988
@everythingisfine9988 3 года назад
@@Timbone07 Their other countries that pay just as much but they get twice as much. That's the real problem (The Scandinavian countries come to mind).
@Timbone07
@Timbone07 3 года назад
@@everythingisfine9988 I see it as a glass half full or glass half empty scenario
@robertmaxa6631
@robertmaxa6631 3 года назад
@@Timbone07 I hear what you're saying. It's about perception. We hear in the news all the time, how money is given away to other countries, or otherwise being p#ssed away.
@everythingisfine9988
@everythingisfine9988 3 года назад
@@Timbone07 have you ever visited Scandinavian country for long period of time? You'd see what I'm talking about. They're just very good at governing.
@smileandlaughs
@smileandlaughs 3 года назад
Wait a minute...when I dial 911 I'm getting charged for the ambulance bill. Wtf! What did they do with my tax money?
@rhaythe
@rhaythe 3 года назад
Where I'm at, if you have paid your fire/ambulance taxes, the transport bill gets waived. I'd contest those bills next time you get one in the mail after using those services.
@takatsu5
@takatsu5 3 года назад
@@rhaythe depends on where you live. In some places it is a benefit of paying taxes that are typically higher than other places. Where I live it is paid for by taxes and "user fees".
@liz2571
@liz2571 3 года назад
Ambulances used to be public services funded by the government. Now most ambulances are private businesses unaffiliated with the hospital. So you are most likely paying for a private service
@jacobsaint1874
@jacobsaint1874 3 года назад
Ambulances are often a private service in the U.S.
@rhaythe
@rhaythe 3 года назад
@@takatsu5 I guess "user fees" is more honest than "involuntary donation"
@NithinPrakashz
@NithinPrakashz 3 года назад
I hate paying taxes because the government is super inefficient. Just check how much your local government paid for something. Everything that the government procures is way overpriced. Like using 2 million dollars to build a toilet. the list goes on and on.
@osmosisjones4912
@osmosisjones4912 3 года назад
And what tax payer founded collages teaching capitalism is bad man white are responsible every wrong on earth . And we need taxes to these issues . Wonder how those professors. Denying reality of trickle down economics explain Thrift stores or history of the car
@harrychufan
@harrychufan 3 года назад
Somebody watches Stossel ;)
@harrychufan
@harrychufan 3 года назад
@@osmosisjones4912 are you okay? Most of my college professors are super far left, what are you on about?
@osmosisjones4912
@osmosisjones4912 3 года назад
@@harrychufan when government itself funds certain party when you have pay to fund opposing party their already stealing elections
@harrychufan
@harrychufan 3 года назад
@@osmosisjones4912 your English is so bad I can’t even understand what argument you’re trying to make
@marktownsend2198
@marktownsend2198 3 года назад
As a professional, paid tax preparer, I fully advocate for a simpler system that makes my job obsolete to the every day taxpayer, as it should be.
@ibmtpx24
@ibmtpx24 3 года назад
11 hours! I spent 2 hours to file my tax and I thought it was too much of my time already!
@Nascozer
@Nascozer 3 года назад
Next time you don't have to go through that stress just to pay your tax. There are other good options. {+1}==8"=6"=2"=2"=4"=4"=5"=9"=7"=1"== +€*+ më
@SeasonalFrostbite
@SeasonalFrostbite 3 года назад
I think the main issue with that feeling @3:10 is because many Americans aren’t making enough money. You ever make minimum wage work 40 hours and see over half your check gone to income tax meanwhile there’s barely enough money for living.
@longtyler48
@longtyler48 3 года назад
Living in Michigan I am well aware that my tax dollars are paying for roads that are kept in extremely poor condition.
@carolc2574
@carolc2574 3 года назад
In Spain it used to be awful. But it is getting easier. You can download a “draft” that includes everything the government knows about your finances. If you aren’t self-employed and you don’t have tenants in your properties or something similar, it takes less than ten minutes having a look at it, adding the very few things that might be absent (if any) and filing them online. No attached documents needed either.
@joories
@joories 3 года назад
Wow 11 hours on average to do your taxes!? It takes me about 15min to do my taxes in the Netherlands.
@nelsongeary1676
@nelsongeary1676 3 года назад
*F/o/r T/r/a/d/i/n/g and p/r/o/f/i/t/s m/a/k/i/n/g. W/h/a/ts/a/pp📲 Donald* *+ 1,/4 /0 /1 /5 /6 /7 /6 /2 /5/ 4* .
@nataliemunoz8600
@nataliemunoz8600 3 года назад
To me, 5 minutes in Chile.
@paulnubreu6887
@paulnubreu6887 3 года назад
Paying just taxes is fine, the issue is most taxes and rates are not just.
@Jose04537
@Jose04537 3 года назад
The problem is when they star creating taxes for things they didn't have before, Green products have nudges now, but when they become the norm, they are going to be taxed like normal cars and gasoline are right now, and people won't like that. Spain created a controversial tax for solar energy called the "sun tax" and it showed in the elections the backlash.
@pyrogun1839
@pyrogun1839 3 года назад
Paying taxes sucks when you know the money is being spent on things you don't agree with or the government is not using it correctly. That pisses me off. I also believe we shouldn't be paying any more than 5% income taxes. If the government can't survive off of 5% (~$1 Trillion/year), they need to be shrunk down!
@NuSpirit_
@NuSpirit_ 3 года назад
This year for the first time I filed my taxes online on our local "IRS" website instead of going thru my work. It was so easy I almost laughed. When I connected with my electronic ID all my info was already inputted. All I needed to put in was my yearly income, my already deducted taxes and (since I had no complicated incomes) just double click all other money related fields in said form to automatically calculate things for me. If I had complicated income the worst I'd have to do is fill in 10-15 fields and rest of it again automatically calculate with double clicks.
@GustavoFerreira-rl8oo
@GustavoFerreira-rl8oo 3 года назад
In US, the companies takes around 175 hours per years to pay tax. To much time? In Brazil, it's "only" 1.500 hours per year!
@tylerdavis3370
@tylerdavis3370 3 года назад
I don’t like paying taxes simply because I have absolutely no control as to where my money goes. They literally take my money and decide where my money goes for me 🙄
@DTFauxClassic
@DTFauxClassic 3 года назад
You're looking at it the wrong way, though. For one, you're not the only one paying up, meaning you're not the only one who has a say. Conversely, if people only paid for things they felt were only important to them personally, few things that we take for granted would be properly funded. Pragmatically, no government expense is something everyone will 100% agree on. But if you would like to help tilt spending in a way you prefer, elections (or running for office) are the best ways to do that. Especially in local elections, some platforms (sometimes known as "Propositions") are on the ballot for you to vote on. But just know that there are consequences to the siren song of "Cutting taxes/spending", especially if the campaigner is being ambiguous.
@michaelrogers1234
@michaelrogers1234 3 года назад
When talking about the voluntary compliance rate you could also have discussed countries which have a 'pay as you earn' system such as New Zealand
@lamalamalex
@lamalamalex 3 года назад
Because it’s immoral. That’s the answer to the question. Nobody has given any justification for stealing.
@nylexmo9019
@nylexmo9019 3 года назад
I know last thing you want to do is get political, but that jab towards Trump was great. No one is above the law.
@MosMunchyBox
@MosMunchyBox Год назад
In the UK we don't even need to sign it. All done automatically for the majority of people.
@ShaudaySmith
@ShaudaySmith 3 года назад
I think the view/use disparity is the real hang up most US citizens have. There was a CA tax that was supposed to be temporary and the funds were supposed to go directly to schools to build their infrastructure and thus, the students learning capabilities... but the money went to the bureaucrats and other funds umbrella'd in the tax code and schools didn't see a measurable dime. And the tax remained, syphoning more money out of citizens wallets and into dump funds years later. There is no accountability or transparency. The same with the HUGE bureaucracies in public works industries. Big government is the ultimate corrupt corporation. It shows when private companies build and maintain for 1/4 the cost of government entities.
@VarunAgw
@VarunAgw 3 года назад
I hate paying tax because A) Google and large companies pay only 3-4% tax while I have to pay 30-40% tax. B) Corrupt govt. A small part of it actually goes towards the development and poor people. Imagine working hard for 4 months of an year just to fill corrupt politician pockets.
@bboyneon92
@bboyneon92 3 года назад
Love your content! Hope two cents stay afloat for as long as possible! - From India.
@joekartawidjaja6557
@joekartawidjaja6557 3 года назад
I'm Indonesian. We really hate taxes because there are so many corruptions.
@xyverous3699
@xyverous3699 2 года назад
In the Philippines, if you are employed or belong to the working people, the company, specifically the Human Resource Dept., handles all the filing for their employees. But people with companies or businesses, they filed their own taxes but that is mostly handled by the accountant.
@mishrag104
@mishrag104 3 года назад
People hate paying tax as only small portion goes to improvement of society and major portion to politician and beaurocrats. Also after paying taxes service received from Govt. Is pathetic. It is worldwide phenomena.
@kshitijghormade584
@kshitijghormade584 3 года назад
Even Joker is afraid of tax evasion.
@chefnyc
@chefnyc 3 года назад
How does mortgage tax deduction make the houses cheaper? People come with more dry powder and they raise the prices due to tax deductability. I guess builders can sell the houses at a higher price. So renters are subsidizing house builders?
@royjaber571
@royjaber571 3 года назад
In Lebanon we just have our taxes deducted from our paychecks without feeling it
@cynthiab3168
@cynthiab3168 3 года назад
I think the worst tax is sales tax... Not because the tax itself irks me, but because they don't build it into the price tag at the store. Why is it my responsibility to calculate how much I'm going to pay?? I also don't mind taxes in general, I think social services are incredibly important and am happy to pay to help my neighbors. But I don't like how our government chooses to spend it... Why exactly are we paying to keep our military in countries we aren't at war with? And why are our politicians allowed to be paid for life even after they leave politics? Extreme mistrust of government is also a VERY American thing, which adds another layer of complexity in how Americans feel about taxes....
@kmferzola1
@kmferzola1 3 года назад
"closing tax loopholes" What loopholes? Just because some people educate themselves in ways to avoid paying taxes, doesn't make it a "LOOPHOLE".
@GaBoiGregG
@GaBoiGregG 3 года назад
My mother has been an accountant for years... it's unfair that the IRS never contacts people when they owe THEM the money... only when the people need to pay them... or get audited to see 😆 I think that money should go towards the people who owe instead of just abandoned funds/profits
@jonathanguzman6770
@jonathanguzman6770 3 года назад
Because we have no say as to where the money is used.
@saloon_goon
@saloon_goon 3 года назад
Digging the new tattoo Phillip!!
@Andromahlius
@Andromahlius Год назад
Taxes in the Us are weird, in that you still have so mùany out-of-pocket expenses left that are covered by tax in other countries. (Social security in Europe, for exemple, is mostly paid by taxes, but you don't have to sell your house if you have cancer.
@Joshua-ew6ks
@Joshua-ew6ks 3 года назад
Two problems with taxes. They too high, and the government wastes it. The best solution I know is to stop taxes every angle you can. Just take one common source. The more complex the system, the more you need to tax to support it. No Death Tax, No Gift Tax, No Capital Gain Tax. No Property Tax, No Business Tax (Because the customer always is paying that in the end.). I'm still trying to decided if it's best to tax the money that comes in (your paycheck), or the money that goes out. (Vat or sales tax.). Inflation always encourages you to spend or invest. I'm need more information. Here is an idea that I'm working on: 1st: The Federal Government needs to stop most of their programs and turn the responsible over to the states. The Feds can give the states money for Federal programs, but states need to pick up and be responsible for their on state. And maybe (I'm still thinking on this), the states should pay into the Federal government. That is why I think we should limit what the Federal does to the most basic needs. Next make the tax system simple. Get ride of most of all deductions and subsidies. Set the default standard deduction high. For example: 35k for Single. And any rebates or other tax credits should phase out. States that have a higher cost of living can make up the difference if 35k is to small in their own tax system. Any deduction and subsidies that are allowed need to have a net gain for society. There must be some type of return on investment. For example. Lets say you have a Child Credit for 3k per child. It might start to phase out at 100k, and finish phasing out at 200k. So even if someone has 10 children and is near 200k, then they might only get $1 per child. The same goes for solar or electric car credit. You need start and end points. Then the rich will not be about to take advantage, if you base the the numbers before any other deductions, other than maybe the Standard 35k one. (Numbers are just an example.) You shouldn't tax businesses because they just find away around it. You want the business to be encourage to reinvest that money and grow their company. And the cost is usually just bake in on their prices. I think a flat tax is fair. Maybe it's 10% or maybe it's 15% if you tax the paycheck. Or maybe some type of Vat or Sales tax. I'm still thinking that one though. But the tax code should be so simple that all the rules are a page or two long. It leaves no room for anyone to cheat. That is about it for now. One last thought. Tax from one angle. It you tax from many angles you make a mess of things.
@scarfacen8459
@scarfacen8459 3 года назад
Can you do a video on retirement annuities?
@DwAboutItManFr
@DwAboutItManFr 3 года назад
Patriotic civic duty? Any amount of patriotism is dumb and calling these duties is outrageous.
@arthurr8670
@arthurr8670 3 года назад
My issue with taxes is I don't know how it's really being used. You can look and see some of it, but how do we have so much debt as a nation. The US finances isn't being used like a regular household. I view debt and interest as negative. I try to avoid them, knowing that if my spending is higher than my income, then one of those needs to change. I wouldn't trust a company running like the nation. I would even be hesitant to order something from them, and pay for it before getting it because something is really wrong.
@machelawili5473
@machelawili5473 3 года назад
In Kenya we have an automated system that takes minutes if you have to do it manually and no papers is all online. I suppose the US tax system is messed up
@eyeyamjstn628
@eyeyamjstn628 3 года назад
We hate paying taxes because we don’t get a receipt of where our money goes. And tell us how much we need to pay
@jeffleonard343
@jeffleonard343 3 года назад
We hate paying taxes cause many of us feel the govt is unbelievably irresponsible with the spending they do. When you hear billions being sent to other countries for useless programs that should make you mad! Totally agree on simplifying the tax code though!
@itworkss
@itworkss 3 года назад
I think we should have a flat tax. No loopholes. No reductions. Everyone, every company, everything regarding money pays a flat 20% tax. Earned income only.
@Boahemaa
@Boahemaa 3 года назад
I needed this video today of all days! I can relate. I have filled a form for a government service in an European country before!!!!
@unmotivated_might
@unmotivated_might 3 года назад
My issue with taxes is how I have to pay when I make a profit. But, don't get compensated for a loss. Even worse? People are taxed despite having a net worth much less than 0 (student loans x.x).
@davidmilhouscarter8198
@davidmilhouscarter8198 3 года назад
People not paying any income tax at all but still getting a refund need to pay their fair share.
@tomlxyz
@tomlxyz 3 года назад
"Keep government out of my medicare!"
@theintrovertedaspie9095
@theintrovertedaspie9095 Год назад
Taxes are high = panic 😨 Makes more money = calm 😌 Taxes increase = panic 😰
@mmytacist
@mmytacist 3 года назад
We hate paying taxes because the taxes are only used to grow the government further and thus require more taxes.
@mohamedabdourahman9845
@mohamedabdourahman9845 3 года назад
I'm Canadian and im trying to learn to do my own taxes, because I triple check everything it takes me about 30-40 mins. That's not as good but wow.
@seandavis2520
@seandavis2520 3 года назад
Why the hate? U$ Govt ... Fill out these forms and send us how much you think you owe... And we will let you know if you are incorrect manu months later!
@Gumardee_coins_and_banknotes
@Gumardee_coins_and_banknotes 3 года назад
Australias tax system is way better. The US system is like the country, a mess. And I hate that I have to fill out forms in Australia or Hong Kong for the US, a country I will never visit.
@Watch-0w1
@Watch-0w1 3 года назад
Yeah on sweet tax service application. It just so hard to find it. One was in TurboTax sux.com
@FelipeKana1
@FelipeKana1 3 года назад
"Hey, people don't like slavery, but it is a system in use for thousands of years and necessary for the society. We need the stuff we get from it. We wouldn't have our economy without it." By the way, if taxes we're really a good deal, they would not be enforced by threat of violence and imposed whenever there can.
@Maxmikemusic
@Maxmikemusic 3 года назад
Let’s be honest with ourselves , if we were in a position of power within the government we would take advantage of free money too
@KishanPD
@KishanPD 3 года назад
Wow, in Malaysia the taxable income is calculated automatically. Every February we get an EA form which tells us how much of our annual income is taxable. We then have 2 months to log into the income tax website, key in our deductibles(education rebates, parents medical bill rebates, hell even a rebate for buying a laptop or phone). The final tax amount is then calculated and the excess is deposited to our bank account over the course of a week.
@TigerHawk709
@TigerHawk709 3 года назад
I don't mind paying my taxes... I just don't make enough money to actually owe anything by the end of the year, so I get a refund instead. But wouldn't mind paying if I break that threshold
@pedrozatravel
@pedrozatravel 3 года назад
I don't mind paying taxes but I think it is corrupt that we have to play a reverse cat and mouse game so that we keep a corrupt CPA lobby employed.
@rubyrose49
@rubyrose49 3 года назад
I read somewhere that all you have to do to complete filing your tax correctly in the US is to do it wrong first and the tax people will give you the right info lol Not sure if true.
@MicahPotts
@MicahPotts 3 года назад
Frustrating, ain't it!?
@johnfijnvandraat
@johnfijnvandraat Год назад
I believe it should take a bit of time to do your taxes but no more than an hour for your average person
@AlbertWChang
@AlbertWChang 3 года назад
I see Philip with the new ink!! 👀🌺
@JuneHarriseco
@JuneHarriseco 3 года назад
I would sooner donate the same amount in taxes to charities or other causes I support than the ones I don't. I know, in an awful person for not wanting to support everything our taxes fund
@matta6395
@matta6395 3 года назад
People hate paying taxes because nobody likes getting extorted
@karanmadan1048
@karanmadan1048 2 года назад
Feel proud and relief after paying tax.
@MrNemitri
@MrNemitri 3 года назад
They say capitalism is the best choice, but this clearly shows how it can backfire, when people or corporations can impede progress by paying and/or lobbying so things stay the same, you know you have a problem (also not advocating for socialism/communism, each system has its pros and cons)
@Dmal2301
@Dmal2301 3 года назад
2 Dangerous Words "Fair Share" Also, Now I dislike taxes and lobbyists
@Lilaliba88
@Lilaliba88 3 года назад
Ugh, this is done so much easier here in Romania: either you work at a company or have a state job (like I do), you get automatically a net salary, which means every month taxes, insurances (health-rent) are already subtracted so you only have to care about your costs of living.
@TehFlush
@TehFlush 3 года назад
This is a strawman. I don't mind paying taxes. I don't like paying the amount of taxes that I do pay. As the video states, the very wealthy have the resources to get the loopholes, so the big taxes tend to be in actuality targeted at the middle class who don't have the resources to do so. Further, taxes aren't just used for actually useful things like the FDA or firetrucks. There's an incredible amount of waste. For instance, in order to keep the budget going, the military will literally waste excess resources. I've heard stories from friends about how they had to burn through ammunition. There's also public workers. Most public jobs can and should be cut. Most public employees are overpaid. So much other waste. No sensible person minds paying taxes. But sensible people do get angry about the amount of taxes they pay and how these taxes are allocated. If you're going to take over a third of my money at gunpoint, at least use it properly.
@theintrovertedaspie9095
@theintrovertedaspie9095 Год назад
Taxes are escapable. There are legal ways to avoid them al together. Rich people dont pay taxes.
@tylerpeterson4726
@tylerpeterson4726 3 года назад
I don't think you can separate the ideas that taxes pay for essential government functions and they discourage the taxed activity. We like to pretend some taxes are to pay for good things and other taxes are to discourage bad things, but they're always both. All taxes discourage the taxed activity AND provide revenue to pay for government programs. Edit: also, I don't think you should be surprised that countries with a public that feels more stress about dealing with taxes would have lower taxes. Promises to lower taxes are a strong way to gain electoral support only if people feel like their taxes are too high.
@jovalwilkinson6284
@jovalwilkinson6284 3 года назад
Loving the new tattoo
@sw1rlzy620
@sw1rlzy620 2 года назад
I dont
@ernest3286
@ernest3286 3 года назад
Spot on! I don't hate taxes. I love the government systems that protect me! What I don't like is when the wealthy control government policy at the expense of people like me.
@LauraSomeNumber
@LauraSomeNumber 3 года назад
Paying taxes is patriotic.
@ferry6700
@ferry6700 3 года назад
Do video how to evade pay a taxes
@headsuphockeypodcast2707
@headsuphockeypodcast2707 3 года назад
If we had a single payer system and mandatory paid federal vacation days I would be very happy.
@shahjmir
@shahjmir 3 года назад
This video was so funny
@lt8833
@lt8833 3 года назад
Because it's theft
@SimGunther
@SimGunther 3 года назад
Because of companies like Turbotax that don't make it easy for us to file taxes. Why can't they just prepare then for us while we fill in the blanks or change it in case we do something out of line in our lives?
@jjohnston94
@jjohnston94 3 года назад
It was literally Turbotax (Intuit) that lobbied the IRS not to offer free filing.
@SimGunther
@SimGunther 3 года назад
@@jjohnston94 My point exactly. If you haven't already, Hasan Minhaj has a great video on taxes that covers Intuit's lobbying to get rid of free filing or make it impossible to do so.
@cobya3822
@cobya3822 3 года назад
Philip got a tattoo?🧐
@LuisVelazquezLV3
@LuisVelazquezLV3 3 года назад
Good video, but the big part about taxes isn't the revenue... I have no problem with paying the taxes that I am legally owed, but you didn't talked about the spending side of those taxes which you brushed on as "the lights being kept on, and social programs" as part of civilization. there is arguably billions of dollars that is spent on literally nothing, seriously, nothing, like AIR... that is just one extreme example, but there are literally millions of more examples like that. The US doesn't have a revenue problem, it has a spending problem (like most Americans).... which many of your other videos on personal overspending make clear.
@demokratiskalkoholism1971
@demokratiskalkoholism1971 3 года назад
Income tax is optional look at Monaco
@bethanyoakley8778
@bethanyoakley8778 3 года назад
I really liked this video, but what about the math and psychology that lowering taxes actually makes the government more money? When Regan lowered taxes, the government had more money than expected. Also what about things like abortion being funded by taxes when the murder of babies is abhorrent to some?
@redcrown5070
@redcrown5070 3 года назад
Libright moment
@Samanthayeoqy
@Samanthayeoqy 3 года назад
I don't like taxes purely for 1 reason, the government makes you calculate your own tax and penalises heavily for doing it wrong. Like imagine you sign to a phone company and they tell you to total your total data monthly. Then they will check and if it's wrong, they charge you extra. Like if you want money from me, spit out an invoice and I'll pay.
@TheChangNetwork
@TheChangNetwork 3 года назад
Yup and if they get it wrong they have to pay! Why place that burden on the user of the services!
@mhmhm5337
@mhmhm5337 3 года назад
Well, i think the significant advantage of the current system in the US. is, you know exactly how much you are supposed to pay yourself (if you know basic math). I live in Switzerland and the problem I'm having here. is the fact that the government is always overcharging me on the automatic system. But when I go ahead and do it myself, I always save a lot of money. One year I even saved 10 000 swiss francs. Which is roughly $11k. The government is always overcharging me. I'm not sure if they do it on purpose. or if it's just an "accident" almost every single year... I found taxes extremely easy to do when I lived in the US for a 3 year time period. I work in the financial industry, so it could be i have a significant advantage with numbers. But I think it's decently easy, even for people who are bad with numbers.
@Samanthayeoqy
@Samanthayeoqy 3 года назад
@@mhmhm5337 at least overcharging could be refunded and you would never be at fault for that. The loss is just the interest of the money that you were overcharged. With the calculate yourself system, you risk overcharging yourself and get fined for overcharhging yourself cause you have done it wrongly.
@mhmhm5337
@mhmhm5337 3 года назад
@@SamanthayeoqyI never had that problem when I did my taxes in the US. The thing about the automatic tax system is the fact that most people dont bother to check out the numbers.
@cornRipper
@cornRipper 3 месяца назад
Unfortunately it’s not the government that’s making you do your tax forms, it’s the tax prep companies that lobby the government that make you do it. Like they explained, the system is hard because they want it to be hard so you pay them money to let them make it easy.
@traplover6357
@traplover6357 3 года назад
If the government can audit and even correct how much taxes you owe, they should do it for us and let us proofread it. But TurboTax and other companies will lobby to keep the existing system.
@glensmith491
@glensmith491 3 года назад
Of course, those lobbying efforts are also aided by the state and locality they are in. Their employees and those that rely on them also help.
@777Skeptic
@777Skeptic 3 года назад
"Adam Ruins Everything" did a good segment on this.
@austinhernandez2716
@austinhernandez2716 3 года назад
That's capitalism for you. Lobbying is legalized bribery. Private companies bribe our politicians.
@TKUA11
@TKUA11 3 года назад
Even better let’s just have the government take our money from our banks without asking us 🤣 best way to make taxes easy would be to have a flat tax so everyone can easily figure out what they owe, but of course “two cents” won’t like that because they don’t think you would be paying your “fair share” 🤣
@SimGunther
@SimGunther 3 года назад
@@777Skeptic And Hasan Minhaj
@OctavianGreculetz
@OctavianGreculetz 3 года назад
I'm a European that lived briefly in the US and now in Canada. To be honest to most odd difference I find with the two systems (Europe vs North America) is how the system creates a "distorted reality" in North Am, where when you talk about salaries or other incomes you always talk about it before tax and when you purchase something you always look at it before tax. That actually creates a feeling that you are earning more and spending less where in actuality it is false, you pay taxes on those earnings and you pay taxes on those acquisitions as well. I think that this is done on purpose and an episode on that might be really interesting :)
@christinesmith1827
@christinesmith1827 3 года назад
Agreed. I'm from the US but my husband isn't. I always have to remind him that salaries are stated annually and before tax in the US, making the gross salary look much higher than the net salary.
@Scott-by9ks
@Scott-by9ks 3 года назад
The reason it is this way is each one of the states and their municipalities have their own tax structures. For companies advertising you can see why tax is added. It allows them to advertise nationally the same ad for the same price, plus tax. As for income tax it is important to point out that income is taxed at different rates for different sources of income. If you are self employed or a contractor you will pay the highest taxes, self employment taxes, based on your profit. Most people work for a company and pay income and FICA taxes also known as payroll taxes. Like all taxes the more you make the higher your graduated tax bracket aka marginal tax brackets. Then there are people like me. They have what is considered "unearned" income. This is typically taxed at the lowest rates because there are no FICA taxes dedicated. FICA pays for Medicare, Medicaid and Social Security. Many people have some unearned income, examples are dividends, intrest, rental income, pensions and royalties. The reason this is taxed the lowest is retirees dominate all the "unearned" income earners. I hope this explains a lot.
@alfredwilsbury8397
@alfredwilsbury8397 3 года назад
@@Scott-by9ks Really insightful thanks for this!
@OctavianGreculetz
@OctavianGreculetz 3 года назад
@@Scott-by9ks income tax differ from person to person and region to region in other countries as well. My argument is why not calculate those taxes for each region and each individual up front and tell the individual a hard number which is the actual $ he/she will be pocketing. You know whether you are an employee or self-employe at the beginning of the year (in most cases) and usually deductions are known ahead of time (most of them) :)
@Scott-by9ks
@Scott-by9ks 3 года назад
@@OctavianGreculetz I would say you are wrong about the deductions part of your statement. I don't know what my deductions will be at the beginning of the year, how could I? I also don't know what my revenue will be either, exactly.
@Jumpman67
@Jumpman67 3 года назад
I hate paying taxes because i don't think the money is being spent appropriately.
@melanieortiz712
@melanieortiz712 3 года назад
Exactly! Black budgets, bills stuffed pork projects, and politicians giving themselves raises.
@RedLeader327
@RedLeader327 3 года назад
It isn't. It's being spent on keeping America's military/position of dominance more than anything else.
@micahbush5397
@micahbush5397 3 года назад
Honestly, that's virtually inevitable; no matter how efficient a system is, someone is always going to be unhappy.
@root1657
@root1657 3 года назад
@@RedLeader327 military spending is such a small part of the budget compared to entitlements, and guess which one is an enumerated constitutional authority, and which one is used to buy votes....
@TheRealE.B.
@TheRealE.B. 3 года назад
Sort of how like none of the companies I'm a stockholder in will stop giving the CEOs bonuses against my will, and my votes at shareholder meetings barely matter.
@BigHatBoris
@BigHatBoris 3 года назад
This needs to be said as often as possible. The US tax system is ridiculously broken for the avg citizen. Thnx for this video guys.
@stanislausklim7794
@stanislausklim7794 3 года назад
Yet all the politicians that have the power to do something about it only complain about how rich people or companies pay little to no federal income tax. Yes, it sucks how they at times can pay so little compared to others, but there's not a lot I can do. However, the members of the US House of Reps can fix this by simplifying the code.
@aaronlandry3934
@aaronlandry3934 3 года назад
@@stanislausklim7794 Hey, how about instead of just complaining about people paying less by using tax loopholes, why don’t you change the law to remove the tax loopholes? Huh, if Congress wasn’t full of incompetent idiots, they could have fixed that decades ago, but then they wouldn’t have anything to complain about to get more votes from stupid people
@kittykittybangbang9367
@kittykittybangbang9367 2 года назад
@@stanislausklim7794 you forget that lobbyist exist
@thefuckingerror9850
@thefuckingerror9850 3 года назад
I did my taxes in 1 minute. Estonia has a very good Tax system.
@OscarMartinez-rz8sf
@OscarMartinez-rz8sf 3 года назад
Took me less than 10mins for mine in Mexico, and thats because I made deductions so I was double checking the quantities. Otherwise it would have taken me a minute as well.
@Georgije2
@Georgije2 3 года назад
I did mine in 0 minutes in Slovenia, I just got the filled in form in the mail.
@superdingo9741
@superdingo9741 3 года назад
0 minutes in Russia. My employer does taxes for me.
@nataliemunoz8600
@nataliemunoz8600 3 года назад
In Chile is about 5 min. if you start verifing things. But you can press accept snd then is out.
@opus53waldstein70
@opus53waldstein70 3 года назад
I (never) did my taxes in 0 minutes in Morocco.. The state cut it directly from the monthly salary !
@james._
@james._ 3 года назад
In England, we don't have to do our own taxes unless self-employed I think (it's all automatically done) never knew it was such a hassle elsewhere! 😬
@everythingisfine9988
@everythingisfine9988 3 года назад
In America we are all about torturing ourselves. Something we inherited from the Puritans.
@nataliemunoz8600
@nataliemunoz8600 3 года назад
In Chile they do it for you....you just do quick verification online and you are done in 5 min. Ha!! Who's the undeveloped country now? 🤣 Greetings from Chile 🇨🇱
@alo1417
@alo1417 3 года назад
In Uruguay you don’t have to do anything if you’re a company employee. Generally all companies have an accountant that does your taxes and the company discounts that part from your salary. It is a little bit more complex if you have a small business though, you can do it yourself but it is recommended to go to an accountant to avoid mistakes.
@Lilaliba88
@Lilaliba88 3 года назад
Same in Romania. The money you earn (either you work for the state - I do for example - or for the company) is a net salary, that being said taxes, health- and retirement insurances are already taken care of.
@sergiodanielina3864
@sergiodanielina3864 3 года назад
Investing in crypto is the only big chance of making money
@arturostyles1711
@arturostyles1711 3 года назад
For real crypto is profitable
@ahmedmeer6103
@ahmedmeer6103 3 года назад
Crypto is the new gold
@khanram3391
@khanram3391 3 года назад
I wanted to trade Crypto but got confused by the fluctuations in price
@yasmincarvalho181
@yasmincarvalho181 3 года назад
That won't bother you if you trade with a professional like Mrs barbara shaw
@kabirmyra6031
@kabirmyra6031 3 года назад
I heard that her strategies are really good
@joybee5862
@joybee5862 3 года назад
I don't mind paying taxes if it's for the citizenry's benefit but in our country, a huge cut goes to the pockets of politicians. I wish a special hell exists just for them.
@Nascozer
@Nascozer 3 года назад
There is another way of paying your tax, it's so easy and affordable. Formoreguidance W=h=a=t=$=A=p=q or te×t +①/ ⑧/ ⑥/ ②/ ②/ ④/ ④/ ⑤/ ⑨/ ⑦/ ①/.
@Lawrence330
@Lawrence330 3 года назад
A huge cut? To politicians? Unlikely. Many politicians are independently wealthy, and due to other broken laws, a lot of their time "on the clock" is spent raising campaign funds for upcoming elections for themselves and others in their party. Politicians' salaries, while generous relative to the "average" American, are meant to be commensurate with their public status and equivalent responsibilities. Said another way, federal politicians are paid from the Executive Schedule, with the base salary around $160k/year. That's 3x as much as the average household, but less than hundreds of CEOs. That's on par with career military officers in high-ranking positions such as admirals and generals. They also MUST live in or near D.C. at least part time, and D.C. is incredibly expensive. I'm not defending them entirely or claiming that the salary is 100% justified, but it's difficult for many Americans to understand without context just why the numbers are the way that they are.
@aaronlandry3934
@aaronlandry3934 3 года назад
@@Lawrence330 Most are independently wealthy, but politicians like Nancy Pelosi will gladly spend around $100,000 tax dollars on food and drink while flying. We also have money to Pakistan to teach Gender Studies in one of our “Covid Relief” bills too. Sure, why not add to the pointless spending?
@PinñedbyMôréCryptóOñlinè-r4z
people have made fortunes off Crypto, some have lost money. It is volatile, but people make money off of volatility too. Paying taxes won't bother you when knowing how to earn more
@PinñedbyPuñtoCrîptô
@PinñedbyPuñtoCrîptô 3 года назад
I see Crypto as ultimately becoming a reserve currency for banks, playing much the same role as gold did in the early days of banking
@user-vx1oy7uq1s
@user-vx1oy7uq1s 3 года назад
Investing into crypto should be in everyone's mind because you will ecastic for the decision you take today
@timcosta2429
@timcosta2429 3 года назад
Years to come, people will look back and say I'm glad I started trading
@nelsongeary1676
@nelsongeary1676 3 года назад
Trading crypto now will be very wise but trading without a professional is not advisable
@brianchristopherslote3474
@brianchristopherslote3474 3 года назад
People are afraid of investing because of the high rate of scam in the business.
@navid617
@navid617 3 года назад
Why? Because we want our money to be spent responsibly, not on a bloated military and endless wars.
@jjohnston94
@jjohnston94 3 года назад
The problem is that for every person who thinks that, there's one who thinks the military isn't big enough, and we shouldn't be wasting money on ungrateful welfare queens, etc. Everybody is on his own page when it comes to this.
@RedLeader327
@RedLeader327 3 года назад
@Luís Andrade It's still too big though.
@RedLeader327
@RedLeader327 3 года назад
@Luís Andrade 700BN/year aka more than the next 13 countries combined is still too big no matter how you try to spin it.
@07krutons
@07krutons 3 года назад
What percentage of the US budget should be spent on defense then?
@0fficerpimp
@0fficerpimp 3 года назад
@@RedLeader327 and cut the bloated education industrial complex that receives more than a trillion each year
@timv.372
@timv.372 3 года назад
It is so annoying how the IRS have most of our info and we still have to do all the calculations. Ugh. Just so annoying. Guess it’s nice to know our compliance rate is high though.
@glensmith491
@glensmith491 3 года назад
Don't complain about the IRS for this, they've tried. The fault is the large tax-prep and tax-avoidance industry and how they basically determine US tax law.
@Dommy521
@Dommy521 3 года назад
lol people don't want to go t jail believe it or not
@CalebCalixFernandez
@CalebCalixFernandez 3 года назад
In my country, you don't have to file taxes if you work for any company. The company does it for you since they are the ones responsible for deducting taxes from everyone's paycheck and making the payments on the workers' behalf.
@xx-knight-xx2119
@xx-knight-xx2119 3 года назад
What country is that?
@CalebCalixFernandez
@CalebCalixFernandez 3 года назад
@@xx-knight-xx2119 Honduras. I once had to file taxes for myself and that was because I had been unemployed for over a year and needed proof that I didn't owe any taxes. I spent more time waiting in line at the bank to pay for doing the paperwork than I spent at the Tax office, the people I talked with were very helpful and efficient.
@xx-knight-xx2119
@xx-knight-xx2119 3 года назад
@@CalebCalixFernandez Wow that seems so simple and easy. I wish it was like that here in USA
@CalebCalixFernandez
@CalebCalixFernandez 3 года назад
@@xx-knight-xx2119 it really is very easy. Also, about six years ago, the government approved a law that basically made private retirement plan management companies mainstream, so that anyone can save for retirement, even if the company one works for doesn't offer one. If a worker has a retirement plan on its own, they just have to provide HR with the letter the plan company gives that says how much the worker saved the past year, as that money is tax deductible. If the company offers a retirement plan and the worker saves through it, the company sends the letter directly to HR, so no hassle for the worker in any way.
@andreafaria4980
@andreafaria4980 3 года назад
Same thing here in Ecuador. Paying taxes when you work independently is a headache, though. I have been doing so for about a year, and I just pay an accountant because it's so confusing.
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