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Teacher Talk
How to make taxes exciting...hmm. That's a challenge! How about getting students to make predictions on the competing tax plans put forth by the House and Senate and predict where the final tax legislation will land?
First a little background. On late Saturday morning, the Senate passed a tax plan that now needs to be reconciled with the House plan that was passed a few weeks back. While many are confident that ultimately a bill will get to the President's desk to be signed before year-end, I thought the differences between the House and Senate plans might make for an interesting mini-activity for your class. The goal is to get students familiar with various elements of the tax code, noodle over the arguments made for/against the specific elements, think critically as they read various sources and finally make a prediction about where things will end up.
This WaPo article highlights seven of the major differences between the plans:
How about breaking the class into teams and have each group do online research on just ONE of the items on this list. Their research should focus on answering these questions:
As each group gives you the answer to the final question, you should tally up the costs of all of their choices to see if you get close to a bill that will pass. To assist you, here are the various items and their net impact on the tax bill. Circle the student responses and then revisit when the final bill is agreed upon.
Question of the Day: What percent of 14-21 year olds (Gen Z) are already saving for retirement?
Digging Deeper: Cash Incentives Lift Test Scores
Question of the Day: How much does the average tax payer spend to file a return using tax software or a tax preparer?
Question of the Day: What percent of U.S. taxpayers who filed electronically prepared their own tax returns?
Question of the Day: What are the top three expenses the government paid for with our tax dollars in the most recent tax year?
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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