Microsociety Week 9

Taxes

We discussed the different types of tax. There is import tax, which is when you bring something into the country. There is property tax, which is when you pay for your house and property. There is sales tax, which is when the government put a tax on some wine that was 2 pounds so the shopkeeper has to add the tax onto the price of the item and that is what you have to pay. It is also called VAT indirect tax because the shopkeeper gives it to the government not us.

We also decided whether we should have any more tax to pay like the ones above. We also talked about what those taxes would be used for, wages or maybe benefitting in our society. Of course in real life there would be teachers, doctors, roads and much, much more to pay for with taxes.

Here is a useful video from the HMRC to help you learn about tax and what it is for:

https://www.youtube.com/watch?v=C3_VwZ-Cmac