68 customizable lessons, aligned with National Standards, exams and more.
Read NGPF's school-by-school analysis of financial education in America today
Activities
Advocacy
Behavioral Economics
Best Of
Budgeting
Buying a Car
Career
Checking
Consumer Skills
Credit
Cryptocurrencies
Current Events
Curriculum Announcements
Economics
Entrepreneurship
Edpuzzle
ELL Resources
FinCap Friday
Gambling and Sports Betting
Insurance
Interactive
Investing
Math
Paying for College
Philanthropy
Podcasts
Press Releases
Professional Development
Question of the Day
Savings
So Expensive Series
Taxes
Teacher Talk
It's tax season! Rather than focus on the taxes that paid every year, I thought it would be interesting to look at taxes that are NOT paid. It's a big number as you will see below. Other item to note is that the IRS seems to have given up trying to calculate that number as the last estimates are from 2008-10.
Answer: About 20% (or $458 billion)
Questions:
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (GAO Report)
The tax gap—the difference between tax amounts that taxpayers should have paid and what they actually paid—has been a persistent problem for decades. The tax gap estimate is an aggregate estimate of the five types of taxes that IRS administers—individual income, corporation income, employment, estate, and excise taxes. For each tax type, IRS attempts to estimate the tax gap based on three types of noncompliance: (1) underreporting of tax liabilities on timely filed tax returns; (2) underpayment of taxes due from timely filed returns; and (3) nonfiling, when a taxpayer fails to file a required tax return altogether or on time.
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Be sure to check out our updated Taxes Unit to reflect new tax legislation!
Reading List for April 13-14
Interactive Monday: Stock Trading Game a.k.a. Can You Trade Individual Stocks?
Question of the Day: What percent of people made an impulsive purchase last holiday season?
Question of the Day: What are the average annual healthcare costs for someone with diabetes?
Question of the Day: How much does the average American household spend on groceries each week?
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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