Taxes are a number of the most necessary things a country or nation should impose on its citizens in order to progress. Taxes are charges charged by the federal government to individuals and businesses. But irrespective of how strict the federal government is in implementing tax, there are still some people who won’t pay. What are the consequences of this?
CRIMINAL CHARGES — When a person refuses or forgets to file his income tax, criminal fees could also be filed in opposition to him. These criminal fees might end in imprisonment plus fines or fines alone. The United States law says that if a person is unable to file for revenue tax for one yr, he or she will be fined $25,000 per 12 months of non-payment and will be imprisonment for one year.
LIMITED GOVERNMENT FUNDS — Though the money you will be paying as taxes to the federal government could seem small compared to its total standing, it will still matter enormously for the country’s progress and development. Thus, an individual who doesn’t pay his taxes is, in essence, taking something away from the federal government and from the people.
Then again, when people pay their taxes, the following are a very powerful benefits they and the nation itself enjoy.
DEFENSE AND SECURITY
The cash the government spends to provide defense and security to its folks comes from the taxes that individuals are paying. In the United States, nevertheless, protection and security cover not only the US but the complete global community. For instance, the federal government is sending 1000’s of troops all around the world to keep up world peace and these troops require billions of dollars to carry out their tasks.
MAINTENANCE
One other use of taxes is to keep up the roadways, buildings, and architectural constructions owned by the government. Many roads across the country are being fixed and government buildings all around the country are also being renovated, and furnished for the benefit of the citizens of the country.
SOCIAL SECURITY
Twenty percent of the government’s finances goes to social security which covers retirement benefits, benefits for spouses of deceased workers, disability benefits, and child survivor benefits. Social security requires billions of dollars to proceed serving the individuals of the country.
Knowing your taxes, understanding what they are and paying them are all part of being a responsible citizen. And we always owe it to ourselves to pay our dues.
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