11 Types of Taxes: Sales, Income, Capital Gains, and More
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- Опубліковано 2 жов 2024
- We know that government spending is funded by taxes. But how are these taxes collected? What should be taxed? Essentially there are three types of taxes. Taxes on what you buy, taxes on what you own, and taxes on what you earn. But more specifically, we have all heard of income taxes, capital gains taxes, sales taxes, property taxes, and more. What are these exactly? Let's go through the types of taxes now.
Script by Matt Beat: / iammrbeat
Animation by Ignacio Triana: / unraveled
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Very concise video. I just saw that you have a entire playlist on economics which is awesome since I'm studying that in college currently.
Thanks professor. I'm going to watch this video thoroughly to make sure I evade taxes more efficiently in the future.
Fr
Professor Dave doing what school doesn’t, common W
Taxes can range from beneficial to devastating for a society. The socioeconomic context determines the impact of the taxes.
I'm being captain obvious here but, Taxes, when used for the benefit of the people. When used for where they're supposed to be, is super beneficial. But nope, people exist who fuck it up and steal.
The government should be 90% run by AI.
when the fuck have taxes every been bad for society
@@damnboi951i can see you aren’t very bright
US property taxes are weird, why not tax the value of the land? Land is the shared resource after all, not the building.
BASED and LVT-pilled!
3:35 Can someone explain how using VAT discourages vertical integration? Shouldn't vertical integration be cheaper under a VAT system than under a normal sales tax system, since one company doesn't have to pay VAT to itself?
Once vertical integration is achieved there are fewer transactions to be made so VAT wouldn’t help there, but in order to achieve vertical integration large capital investments are required all of which will be hit by VAT. It’s the increased tax on the capital investments that hurt not the actual VAT on the vertically integrated company.
The problem I see with VAT is that it's a tax hidden from the people paying it, the consumer who bears the true burden of all taxes.
@@Deepkick679 Thank you, that makes sense.
Keep in mind that it is only the value ADDED that is taxed. So if one company buys widgets for $10 from some manufacturer, then paints and sells them for $11, only the extra dollar is taxed. But a company that is vertically integrated, say it logs it's own land and uses the wood to make the widgets, then paints them and sells them for the same $11, they pay tax on the full $11 (well, that's a bit simplified, but the concept is valid). So the latter company in this case pays more in taxes per widget.
@@mikefochtman7164 Right, and the consumer never sees a VAT itemization so it's hidden taxation. It's like having a cart full of groceries and all the cashier's receipt shows is the total.
I’m confused why a VAT encourages specialization. Wouldn’t it be the opposite? If I’m doing all the intermediate steps myself, there are no taxes to pay until I sell to the consumer.
A VAT does not punish multiple sales of intermediary goods, a sales tax does.
@@geraldh.8047 Sales tax is in the US. VAT is elsewhere. It's in the video
Governments use most of the money for themselves.
I don't get why you're penalizing the critics so much
Schools r fed start ups to begin with tho so that's a state taxes from state to gov plus added to individual taxes also but libraries collect taxes aswell and people paying that tax don't even use that public library service to begin with and bigest public librarys r in low proverty areas aswell and colleges r gov regulated as well and not every one paying that tax uses those services either
I've always wondered why people are ok with getting double taxed. We tax the store for buying the goods to sell, which gets baked into the final price, so then we pay the tax at the end on top of their taxes baked into the price. Then we tax a person for dying and leaving money behind, and tax the person inheriting it. Again, double dipping for good ol Uncle Sam. My favorite is if you withdraw from your 401k early due to financial hardship. You get taxed on the amount received as income (just like you would in your paycheck), then you're charged a penalty fee, and then at the end of the year you get taxed again on that withdrawal.
It's not that I'm against taxes, but at what point do we draw the line and go "Ok, I think you're getting enough"?
Intermediate or immediate goods?
They forgot about the fanum tax
Accept does not mean "want"
it means... submit.
It would sure be nice if there were an 1870s invention that would make this area a whole lot simpler and fairer. Oh well...
Property tax in Texas is godawful. Appraisals are capricious, and the appraiser is the only entity that sets taxes for individuals - and that's not an elected official. Taxation without representation, anyone?
By capricious, I mean things like what I've found in the county I live in. A weedy lot without access to anything resembling a major road, in a community best described as a ghost village, is appraised at more than ten times the rate per square foot as commercial land in town.
A resident is next door to a business. The land is the same on both sides of the property line. The resident was appraised at 102 times the rate per square foot as the business. The real difference? The business is owned through a bank holding company with influence. And, of course, the county appraiser is not beholden to the public.
The power to tax is the power to destroy. Power corrupts. We need government services, but we should be wiser in how we do business.
Excise tax seems a bit like taking advantage of dependencies.
We need a pseudoscience tax!
Individuals especially poor should have a choice of being pd with w2 form or in cash after taxes r held out of the pay for state and fed gov and necessary taxes pd b4 the individual receives a w2 form that pays taxes upfront each pay period and allows the person to actually receive money they worked for but governments so crooked that its almost impossible to b done that way but it b simpler way for uneducated people actually
Since taxes r held out of the w2 forms taxes already paid then pay taxes again for end of each year that's another form of double tax
Plus sales taxes on vehicles was pd by first purchaser so should not be repeating each purchaser if double sold unless by a business that resales same vehicle many reasons and dont pay double taxes at register when buy milk or bread the process is taxed from farmer to the business and so on
I’m still pondering the statement that VAT encourages specialization. If a company owns every step of a process, doesn’t that mean that VAT does not happen. There’s no transaction between vendors. I must not understand it correctly.
Taxes suck but necessary can we just keep it around 5-10% for everyone and everything? I think that's fair
ChatGPT said, "A pseudoscience tax, if designed and implemented properly, could potentially serve as a useful tool to discourage the promotion and spread of pseudoscientific claims. It could be structured similarly to other taxes that are levied on activities that are considered harmful to society, such as taxes on tobacco and alcohol.
In the context of pseudoscience, such a tax could be imposed on individuals or organizations that profit from or promote pseudoscientific claims. This could include individuals who sell pseudoscientific products or services, or organizations that promote pseudoscientific ideas through advertising or other means."
@@lolitaras22 If you have any valid argument, let it be known, instead of trying to attack a computer.
@@lolitaras22 Sure. Have a nice day.
that could be an interesting idea, if I was brainstorming though, I might ask the process for determining what is and isn't pseudoscience? I think we can all agree there are some very clear examples of people using pseudoscience and misinformation that caused some real harm like with covid, but could we say that people who are into astrology should have to pay a higher tax for that? Or If someone buys a salt lamp for it's "vibrational healing effects" is that subject to a higher tax? If one person likes aromatherapy oils because they like the way it makes their house smell, and another thinks the smell is used to reduce toxins in their body does one pay more than the other? Or even how about this, what about meditation? there's scientific evidence to back up that it can help reduce stress and anxiety, but some claim it can cure disease, how could one go about deciding which meditation classes are taxed this way or not?
It's a cool idea, especially because harmful claims about things like vaccines and health procedures and products can do some real damage in the world, but if we have to use broad language in the legislation for something like that may make it virtually ineffective. I think you were just doing a thought experiment which is cool, but if you were thinking of ideas to make taxes more effective at their job, as in, raising revenue for the government, I think the solution is to raise the tax rates on the very wealthy and allocate the resources to the IRS so they can more effectively go after those wealthy people to ensure they pay their fair share. There are currently many loopholes accessible to the very wealthy that allow them to legally reduce the tax they pay which we could easily close if there was enough support. Side-fact, the top 1% are able to game the system so that on average they pay as much, if not a considerably lower percentage of their wealth in taxes. We're usually in about the 13-15% rate if you live in the US, and the top 1% of the wealthiest people pay on average around 8-10%.
@@KarlMarcus8468 "astrology... salt lamp"
The specifics can be discussed based on the harm, effectiveness and placebo.
I think every dollar in the IRS brings back more.
The problem with this is that the US republican party is a major player in spreading this stuff in the first place, and would jump on the chance to redefine things to tax legitimate claims while protecting their harmful ones. For example, how quickly would they include trans info in this list? It wouldn't be long before that spreads to info surrounding any other group of people that isn't them. Oh, and let's not forget the power the rich would have to now protect their propaganda and tax the opposition.
first
Thanks for the video
Isn't this video copied from Mr Beat?
No, he wrote it for me.
Thanks a lot
TIL even if I know what taxes there are I still don't know how to actually do them
what do you mean exactly? You mean you haven't like actually gone through all of your expenses and added up your income with SS and medicare deducted and getting your W-2 or 1099 out and like physically done all the paperwork and math and stuff? and mailed the completed forms to the IRS with payment if you owe? While that might be an interesting way to get a better understanding of the US tax code, nobody really does that. It's not really a process that would likely have significant benefit for you. Most people just use turbotax, which btw, is a total scam. The reason for this is because the government already knows how much you make, what they've already taken out of your checks, if you have any more rare tax situations that may warrant a different calculation for you and if you owe them or if they owe you, and also how much. Almost 90% of people take the standard deduction for things like your age, amount of stuff you own, how much land or stock assets you have and then use that to reduce your total taxable income to reduce how much you'll owe. for those 90%, the standard deduction is WAY easier and basically comes out to the same as an itemized deduction if you're the average person, usually a little more, actually. But like in most other developed countries, the government already does all the stuff turbotax does. Around tax time, they send you a letter that says, "does this look about right?" with all the information and 99.9% of people go yup, you got it right. But turbotax has spent years lobbying congress to allow them to be the shitty middleman for everyone so they can make money off of a service that literally adds nothing to the system we already use. Please know that turbo tax has a 100% free version they are legally required to offer but it's a pain to get to it. Also the IRS has a free version on it's website that works fine, it's just not quite as fast or easy to use as turbotax. don't spend your money on that scam.
This is very taxing for me to watch
edit: at the mustang ranch in Nevada, they tax by the inch😂
@@jjjjjjjjj3000 changed was to is- sorry
Could you do a video on the Bay of Fundy?
Awesome!! Thanks
This is cool thanks
nice
peut tu parlé de la terre creuse ?
Inheritance tax is a messed up concept...
I disagree. I don't like the idea that a child can start with such an advantage over others because of their parents' wealth, especially because having money makes it much easier to get more money, causing a feedback loop of advantage.
@@zea_64 I understand your opinion, but what IF you were that child! your rightful possessions are taxed! I don't understand much about how taxes work in America, nevertheless, in arab countries, at least KSA, the entire thing goes to the offspring based on a special %, if the offsprings were minor then the inherited money and properties goes to the next guardian which is supposed to be their uncle, until they grow up, then he returns it to them.
@@zea_64 my issue with inheritance tax is mostly in the fact that it’s difficult to apply it to physical assets and private property. It might make sense to tax all of the stocks, bonds, and money one might otherwise inherit, but beyond that I’m not really sure how you could even apply an inheritance tax to other forms of wealth.
@@zea_64 you don't like the idea that a parent works hard to give their child a better future?
You like the idea of another entity being able to tell you where to put your money when you die?
Your statement is you dislike that a child can have an advantage, which is not actually for the inheritance tax but against the whole concept of inheritance.
So where should all these properties and wealth go? The government? All the companies, too?
Inheritance and that "advantage" is why we have places like family run farms. These have owners who pass it down to keep thing running.
@@zea_64 my issue with the inheritance tax is if you have any experience in the real world, yo'd see that it fucks over the middle class far more. We'd like to imagine that it's necessary to keep the wealthy and 1% in check but it doesn't. The very rich are well prepared and capable to minimizing these taxes. The people who are being screwed over are the middle and slightly upper middle with actual inheritance.
THERE'S ONLY ONE TEXAS
Thank you for sharing this very useful video, friends.
I CANT BELIEVE YOU DIDNT EVEN MENTION THE LAND VALUE TAX. How could you forget about the only tax that is indisputably good in nearly every single way?! Henry George is rolling in his grave rn.
In all seriousness, you should totally look into the LVT; it’s super interesting.
How is that different from property tax? Or is it a subset of property tax?
@@me0101001000 In Wikipedia’s article on LVT, I think it said it best as “Property taxes discourage construction, maintenance, and repair because taxes increase with improvements. LVT is not based on how land is used. Because the supply of land is essentially fixed, land rents depend on what tenants are prepared to pay, rather than on landlord expenses. Thus landlords cannot pass LVT to tenants, who would move or rent smaller spaces before absorbing increased rent.”
If you’re interested in learning more, I suggest checking out the Wikipedia article on Georgism. Britmonkey and Mr. Beat also have cool videos on it that I think are worth watching.
@@me0101001000 LVT is based on on ownership of unimproved land specifically and nothing else. So say if you own the business, all of the work you and your employees put into it won't be taxed, however your use of the land will be since you didn't work to create that land like you did with your business. It also means that any billionaire who owns three more houses than they need to will have to pay a price to the community for using land that could otherwise be put to good use. Fyi, read Progress and Poverty.
@@etrs thank you for the explanation, and thank you for the further reading
@@me0101001000 np ^^ Forgot to mention, I reccomend that you use the 2006 version, edited by Bob Drake. You can find a pdf for free online
Aren’t taxes the only way our government makes money? They don’t create anything and unless they’re taking over another country’s goods what does our government do if that runs out?
They start a war because that generates a lot of tax revenue.
I don't mind paying more taxes, I just want EVERYONE to pay more taxes, especially the filthy rich
Nobody should pay taxes except landowners.
Why tho?
So if you make your house look better they're going to charge you more so it's better to keep your house looking run-down and real crappy on the outside but again if you do that you going to start you because you decided to leave the outside of your house looking crappy like that you don't pay excessive property taxes 🤔🤔🤔
thats where you get into unintended consequences of taxes.
@@ProWhitaker extortion they want you to keep paying taxes on everything throughout your life for the rest of your in the United States governments don't do the right thing with it or the thing that's the people need to be done correctly 🤔 and one of them being is paying for copay when you got health insurance and you don't use your health insurance sometimes for years at a time and when you finally needed to go to the doctor you going to have to copay 🤔 or this one pharmaceuticals use our tax dollars to create the medicine but sell it back to us almost fifty times more than what they sell it to another country for our government don't know how to make a deal 🤔
wow
my soul purpose is the abolish income tax. human labour should not be taxed in the 21st century. take sales tax. not labour tax
i love your german accent
10000000 types of taxes
soy facing
LOL!!!!
That should be excessive texting you going to keep texting because you charge somebody else and the other person is selling it higher because you sold it to him at a lower price so they can make a profit off of it 🤔🤔🤔
Dude what
You could not be deprived of your property until first 🤔
..what?
Or dare I say extortion 🤔
And all of them are theft
Please actually watch this.
@@ProfessorDaveExplains I did. It's interesting. Taxes are really a necessary evil.