What are taxes?

[charlie]

I often hear the term but I’m still confused about what are taxes and why everyone has to pay them. Are taxes the same for individuals and businesses?

 

[Dylan]

Taxes refer to compulsory contributions that an individual and a company have to pay to the government. Majority of this revenue is used in financing critical government services such as infrastructure, healthcare, education, national defense and social welfare programs.

 

[Ynessira]

Taxes refer to funds compulsory to governments that are received by individuals and businesses to support social services such as roads, education, military and social programs. They involve income, payroll, sales, property and corporate taxes. Taxes differ in terms of their rate and purpose, and they assist in funding the operations of the national and local governments.

 

[camila]

Taxes are the finances that people and companies pay to the government to finance the things that we all utilize such as roads, schools, hospitals, and public services. They are paid by everyone, with different rules and rates to individual and business based on income and activity.