The adult or working class population knows how it feels to be taxed on earnings, it is one thing to be taxed and the taxed funds put to use in benefiting ways and another to be taxed raising questions why the taxation which is another topic entirely. The point though is as kids, no one told us about paying tax, I never knew about paying tax until I started working.
I came across a LinkedIn video earlier that spoke about taxing kids on their pocket money. Seeing the topic, Taxing your kids pocket money didn't impressed me at first but gave it a listening and saw why it might be a good idea.
Getting kids to paying tax on their pocket morning might seem hash but this prepares their mind to the reality of working population, I don't see a future where taxation will stop it might as well be a good idea to prepare the kids for that.
Some kids are born into wealthy family and grow up being financially irresponsible, taxing them earlier as kids will have them question their parents why for answers, invariably these kids will get the exposure to financial literacy as a result of curiosity over taxation.
Parents will have to decide on x% that will be taxed, a good way might be explain why and what the tax is for, implement ways of using the taxed funds to buying things for them, so they can actually see the taxed funds being put to use for them.
It might also be good to have them experience the taxed funds not being used for their benefit, hopefully more curious kids will ask what is happening to their taxed funds which is where I think there should be an explanation detailing this is what happens to the working population, some times they have no idea what their paid tax is used for.
These might be a bit too much for kids, probably not an exercise I will conduct for too long but the idea is the have them exposed to taxation and see how they react onwards. The sad truth is most of us don't know how the financial system works and we can only blame this on, not being taught in our schools. Perhaps we might be having future generation in less financial mess like we are now if they learn about money earlier on in their lives.
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