Hey there! Have you ever wondered what happens when very rich people pay less in taxes? Let’s dive into this topic together! 🕵️♂️
What’s a Tax Cut? 📉
First, let’s understand what taxes are. Taxes are money that people and businesses pay to the government so it can build schools 🏫, fix roads 🛣️, and keep everyone safe 🚓.
A tax cut means people pay less money in taxes than they did before. Sometimes, the government gives tax cuts to encourage people to spend more money or to help businesses grow.
Tax Cuts for the Top 1% 💵
The top 1% refers to the richest people in the country. When they get tax cuts, they have a lot more money left over. But here’s the big question: Who pays for the money they’re not paying in taxes anymore?
How It Affects Everyone Else 🤔
When rich people pay less in taxes, the government has less money to spend on important things like parks 🌳, libraries 📚, and helping people who are sick 🤒.
Sometimes, to make up for the lost money, the government might:
- Reduce spending on public services like schools and hospitals 🏥.
- Increase taxes for other people, like middle-income or lower-income families 💸.
- Borrow more money, which can increase the country’s debt 💰.
Why Does It Matter? 🌍
When services are cut or other people have to pay more taxes, it can make life harder for many families. It’s important for everyone to understand how these decisions affect us all.
What Can We Do? 🤗
Being informed is the first step! Ask questions, talk to adults about how government decisions impact your community, and remember that your voice matters. Maybe one day, you’ll help make these important decisions! 🗣️
Thanks for exploring this important topic with me! Keep learning and staying curious! 🌟
Reference(s):
cgtn.com
