All taxes can be broken down into three categories:
- Taxes on your purchases
- Taxes on your income
- Taxes on your assets
Taxes on your purchases:
When purchasing the majority of goods and services, consumers must pay sales taxes. These taxes bring in money for the state and the local government, which then pays for things like healthcare, transportation, and education.
Taxes on your income:
You may have to pay income taxes on a variety of sources of income, including taxes deducted from your paycheck. The federal government, numerous state governments, and a few local governments all rely heavily on them for funding.
Taxes on your assets:
Revenue is generated locally by property taxes. Everything from parks to services related to public safety to additional funding for schools is supported by them.
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