What are taxes ? And why do you need to pay them ?

DescriptionA tax is a compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures. A failure to pay, along with evasion of or resistance to taxation, is punishable by law.

We pay taxes because the federal, state, and municipal governments enact tax laws. That tax revenue pays for a variety of government services. The federal government collects about the same as the state and local governments combined.

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