Home About Chat Users Issues Party Candidates Polling Firms Media News Polls Calendar Key Races United States President Senate House Governors International

New User Account
"A collaborative political resource." 
Email: Password:

  Taxes
Parent Issue
Economics 
 Sub-Issues
Bush Tax Cuts 
Estate Tax 
ISSUE DETAILS
ContributorU Ole Polecat   
Last ModifiedArmyDem February 18, 2007 09:40pm
DescriptionWhere is the tax burden focused, and where should it be?

INFORMATION LINKS
Calculator - How much you pay to what in the budget  Discuss
FairTax  Discuss
Repeal the Tanning Tax!  Discuss
The "L" Curve  Discuss

BOOKS
Title Purchase Contributor
The FairTax Book  Purchase Rob Brodner 

NEWS
Date Category Headline Article Contributor
Apr 15, 2014 07:00am Perspective 8 Infuriating Facts To Remember On Tax Day  Article Imperator 
Apr 14, 2014 08:10am Report Federal Taxes at Historic Lows  Article RP 
Mar 11, 2014 02:00am News 40 Percent of What You Pay for Beer Goes to Taxes.   Article kal 
Mar 11, 2014 02:00am News The worst U.S. states to die in.  Article kal 
Mar 05, 2014 03:00pm Study Raising the Minimum Wage to $10.10 Would Cut Taxpayer Costs in Every State  Article RP 
Feb 17, 2014 07:00am Editorial The IRS targets political speech again  Article Imperator 

DISCUSSION
[View All
108
Previous Messages]
 
R:549kal ( -57.2262 points)
Tue, April 10, 2012 02:49:16 AM UTC0:00
I started giving my kids an allowance when they were 2 years old.

They get $1 for each year of their age. They also have to give back 25 cents for each dollar.

I've explained to them it's kinda like taxes. It's money you've earned, but you don't get to have it.

The money goes into a bank account in their name that I have told them they get when they turn 18. They can spend it on a down payment on a car or anything else.

They understand that if they want something that costs $30, they will have to save up more than that to cover sales tax.



At a far earlier age than most kids, mine have learned the value of money. When most other parents were parents were having to deal with little kids having a hissy fit in a store for a toy, all I have to do is explain to them that they don't have enough enough money saved for the toy that they wanted.

My kids understand the value of saving.

Their allowance is not dependent on any chores as I wanted to teach them value of saving money.

They do not get anyt money for daily chores, but when I need them to do extra things, I will pay them. This has also tuaght them the value of work.


I am very proud to say that at an early age, I have taught my kids the value of saving and earning money.

 
R:8516Spen ( 128.4489 points)
Tue, April 10, 2012 11:57:45 AM UTC0:00
Not a bad idea, I guess. If you're giving out an allowence, anyway. I never gave one to my daughter, period. She could *earn* up to one dollar a week by doing various household chores, and that amount could be decreased if I didn't like the job she did. But I never thought of introducing a tax system, and I probably should have.

 
R:549kal ( -57.2262 points)
Tue, April 10, 2012 01:35:10 PM UTC0:00
The reason I did not want to couple the weekly allowance with chores was because it would have limited opportunities to learn the value of saving. It's worked very well and I'm sure I won't have kids who kill their credit scores when they go away to college.

Here's how I do it. My son is 7 so each Wednesday, he gets $7. Of that, he has to give me back the amount of 7 quarters, $1.75. That amount is put in a piggy bank which I later deposit in a bank account in their name.

If there is an expensive item that he wants to save for, he gives me however much of the remaining $5.25 to put in a savings envelope. Lately he has only been keeping $1 because he is saving up for a Nintendo 3DS game.

By squirreling away Christmas and allowance money, my 7 year old son saved enough money to buy a new nintendo 3DS.