Should parent tax their kids on their pocket money?
The adult or working class population knows how it feels to be taxed on earnings, it is one thing to be taxed and the taxed funds put to use in benefiting ways and another to be taxed raising questions why the taxation which is another topic entirely. The point though is as kids, no one told us about paying tax, I never knew about paying tax until I started working.
I came across a LinkedIn video earlier that spoke about taxing kids on their pocket money. Seeing the topic, Taxing your kids pocket money didn't impressed me at first but gave it a listening and saw why it might be a good idea.
Getting kids to paying tax on their pocket morning might seem hash but this prepares their mind to the reality of working population, I don't see a future where taxation will stop it might as well be a good idea to prepare the kids for that.
Some kids are born into wealthy family and grow up being financially irresponsible, taxing them earlier as kids will have them question their parents why for answers, invariably these kids will get the exposure to financial literacy as a result of curiosity over taxation.
Parents will have to decide on x% that will be taxed, a good way might be explain why and what the tax is for, implement ways of using the taxed funds to buying things for them, so they can actually see the taxed funds being put to use for them.
It might also be good to have them experience the taxed funds not being used for their benefit, hopefully more curious kids will ask what is happening to their taxed funds which is where I think there should be an explanation detailing this is what happens to the working population, some times they have no idea what their paid tax is used for.
These might be a bit too much for kids, probably not an exercise I will conduct for too long but the idea is the have them exposed to taxation and see how they react onwards. The sad truth is most of us don't know how the financial system works and we can only blame this on, not being taught in our schools. Perhaps we might be having future generation in less financial mess like we are now if they learn about money earlier on in their lives.
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Explain tax and how it works in the greater picture of life, I would never go so far as to tax them.
Consider explaining each time they save enough to a toy or game, they have to add VAT onto the price, tell them every transaction when shopping, eventually when working how it is split into a variety of ways of tax being taken and why.
Actually I personally think if 50% straight tax was taken eliminating added tax everywhere it would be easier to control, but no the power that be wish to tax you from every angle today. How on earth will a child fully comprehend UIF, Skills Tax, Fuel tax, VAT, plus each country doing taxes in a different manner. Yes they do need to know, but how far does one take it?
No doubt Joan, it is a bit hash lol having to tax kids, the procedures you explained might actually be a better one than having them taxed, if ever have to tax my kids though it is an exercise I won't carry out for long.
At the end of the day we are taxed +- 50% if all considered, crazy why half of our earnings goes to taxation.
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I would tax ostriches, they have excessively large eggs)
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Lol, good luck taxing Ostriches, come to think of it animals actually have it good nothing like taxation crap amongst them.
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Yes, ostrich shit can also be taxed, because it is a valuable commodity for gardeners)
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When young we never got allowance money, rare occasion a treat when on holiday for an ice cream, clothing of our choice, but never pocket money paid regularly.
Chores were a regular, keep a home happy by teaching value of life working together. Later we were taught how to work with money, there was no GST nor VAT those days.
Entering the workforce your number was in the system, taxed automatically monthly, had to do annual tax form to check if over/under taxed, onus always on the individual when working.
We paying well over half by now and see little return, this is what is making most question the systems.
A lot has changed over the years in all aspects, your response yesterday made me ask a friend next to me how much does she pay in tax on her salary she said 30%, add all the VAT and she possibly could be paying approximately 50% or more which is really unfair, I've never looked at how much I pay in total from my earnings and shopping combined, this figures are not appealing.
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Whole system here does not work, where money is supposed to get to, does not happen. Paying youth a grant system has led in my opinion to more unwanted children being born as a means of earnings.
Total rethink in tax structure needs to be implemented, having place of employment far exceeds the need to pay grants. Employment grows a nation, taxed directly without annual reviews will help many, then grow infrastructure without being wasteful.
I won't argue this, having lots of kids is being used as a source of income by source, that is so absurd and very inhuman by those involved in this act.
I doubt a rethink will happen, the system looks perfect to those making the rules.
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World has a long way to go, too much stupidity floating around like a virus. Best keep going solo, try making life a happy one rather than introducing another into a very confused world.
Exactly and if introducing life to the world make it rational and make it a must to be there for the child no matter what and not for some greedy extorting reason.
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Children are forever, except a handful who abandon the poor little guys/gals.
Choice is there, some exploit the system it is criminal to the children in question.
Absolutely criminal, inhumane, people of such act should not be part of the society.
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It remains to be asked where the children get this money and whether their parents did not pay taxes on these amounts before the money ended up in the children's pockets.
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Parents pay tax on everything! Never spoil childhood memories with having to charge tax in a home, teach don't implement, unless you are rich and giving them massive amounts of spending money?
This is what I'm talking about, children should be children, and not part of a crazy society with its rules, laws and taxation.
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Yup in total agreement, let them be young and innocent for the short time they have, life along with all other laws and taxes will be a problem to face soon enough.
But, children will always remember how their parents protected them from unnecessary problems during this short childhood, and did not shift their problems onto children's shoulders.
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Small increments of responsibility shifted from over the age of ten.
I started explaining when shopping with my boys which price is the one you look at, the per Kg or the value of the item, soon able to differentiate difference. This way they learn more expensive/kg, less quantity. When home showed them in detail then explained the tax added on some items, certain products are still free of tax being staple food.
Preparation in older age that all taxes are paid when you die with your final Will is another way not to dump unnecessary burden into the lap of your child irrespective of how old they are.
Each country works in different ways with insurance policies one is able to take out, yes you pay tax on any form of professional as well.
Two certainties in life is death and taxes....
I want to live on an island ... on a tax-free island and break at least one link in an unshakable sequence)
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Something we would all love to enjoy! Peace, quiet, no taxes.... can you live without water on tap, electricity, internet if so ideal living!
Dig a well, install solar panels, buy a starlink, do beekeeping and gardening, herd sheep and write posts in the Hive, a simple recipe that does not take us beyond the boundaries of civilization, but protects us from unpleasant moments)
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Great idea, being able to live away from the maddening crowd. Dreaming with my eyes open 😂
This is my dream, this is what I strive for.
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I think that would be going a little too far but making it a once or twice thing could make it memorable to the kid. Honestly, the tax code is so complex that I don't think I even understand it but the general concept is fine.
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It is a bit too complex on kids on a deeply thought about it, myself I don't know how the metrics of tax is determined, I just know I get taxed on every little place I show up with money.
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The best thing you can do for your children is to teach them to love the nature around them, teach them what your great-great-great-grandfathers taught their children and grandchildren.
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That I won't disagree, we were taught to love and respect especially growing up, I dare not call anyone older than me by name, I have to call with respect...
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Do my words contradict this? In what?
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No contradiction here, just emphasis on you point.
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I did not make any emphasis on myself there, it is an indisputable fact that knowledge of nature, for example, mushrooms, herbs, animal habits, will never harm children and broaden their horizons. I didn't talk about respect for ancestors, that goes without saying.
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I meant I was making emphasis on your point which I agree on
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Tangled story almost like Rapunzel)
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Lol you can say that again, it is a story which am not completely against and not fully for. Nice to hear the opinions of you guys.
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Sometimes, it is very difficult to choose the right landmark), jerboas are to blame for everything.
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Yes, explain to the children that 20% of the gifts for Christmas, they must give to their parents).
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Of course, it is very nice to teach children the truth of life. But I don't know how accurate it would be to teach the tax system. I think they have to learn some things themselves. If we accept the system from the beginning, it will be difficult for them to make an effort to change it. Because there is injustice in the tax system in many countries of the world.
Instead I try to train them to help people with some of their pocket money.
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Lol this is cool to impact on kids, having them generate sharing habit. As for taxation on kids, a bit of extreme one it is, you mentioned some things they have to learn themselves which is another point to consider. It is a dicey kind of task on kids no doubt.
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It is better to tell children about the beauties of helping each other and life.
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True, I learnt that from my parents especially during Christmas when the give out presents and food, that have stayed with me now that am an adult.
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And often, children learn from what they see from their parents rather than what they are told. :)
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That is true, that's why a lot of responsibility lies with parents to make sure their kids are brought up well.
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How would you react to the fact that part of the gifts, seeing. would you have to return it to your parents?
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Agree on everything 100%
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This is not a risk for children, but, as I said, for their parents.
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I teach my children to draw. play musical instruments, understand mushrooms and medicinal herbs, later, they will learn everything else)
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Tax and death are inevitable truths in this day and age. There's VAT on any products purchased and tax on any income earned, let the little ones know every step of the way. It might not be fair but that's what is happening. Tax their allowance so they know what's coming up with whatever they earn as adults. Thanks for sharing bro and happy Tuesday :}
Crazy how we get taxed all over the place and yes it is inevitable just as death. It is a complex topic with us adults not understanding taxation fully, teaching the kids won't hurt, having them to experience taxation might help a bit. Thanks for stopping by bro, have a good one.
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In short, brother, think about cattle breeding), they will not be able to trace all your steps in the development of the herd)
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A good way to evade tax but tax on shopping will be waiting, looking at things, we are just taxed all over the show where ever we show up with money.
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Yes, this is true, but if you produce something yourself, for example, honey and other bee products, then. this tax is written off to nothing, due to sales without taxes, gradually but surely, of course, after the cost recovery for the acquisition of beehives, bee colonies, consumables and inventory, or the purchase of canvases, paints and other paraphernalia of artists.
It should be noted that this is tax evasion only if you deceive the tax authorities by falsely naming your field of activity, but if you are really engaged in activities that are not taxed, then this is not evasion, this is complete obedience to the laws and rules. This is what I teach my children.
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Interesting that we touching on this topic, some things to learn. Something Robert Kiyosaki always preach about, "the rich don't pay tax" which I have never bothered in what ways to smartly and legally pay less or not pay tax at all.
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That is why they are rich.
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No, you need to think from childhood how to abolish the leadership of such a country.
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Its actually such a great idea. Never thought of it. I think I will put it to practice on someone. Thanks Joe👌
Lol will be interesting to know the outcome of you trying it lol, thanks Presh.
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I'm sure it will be a sad experience. Then when their dad retires, they tax him.)
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Hahaha!
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Children, as long as possible, should remain children, they will always have time to plunge into adulthood.
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First I thought !LOL
But in deep thinking I found it good idea. Just tax them and put it in some "piggybank" and tell them they can claim it if they can come up with some meaningful plan to spend it with budgeting details.
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Honestly when I saw the video to this topic on LinkedIn my first reaction was Nah! but there's some good in why parent will tax kids, it should be done for too long though if I have to do it.
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Brother, your first, no, was very wise, there's nothing good in it, neither for the children, nor for the parents.
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Lol, there's a mix reaction this topic, I am not entirely against based on the lesson wanting to impact on the kids, that is why I won't impact in on my kids for extended duration if I have to.
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Raising children is a thin thread, it’s hard to say unequivocally, but, for sure, I won’t do such experiments on my children).
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Do you find it amusing, child's play? Take the kids fishing.
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Brother, I'm sorry, but I didn't know what to do, cry or laugh, if it's laughter, then it's hysterical and, if tears, then because of laughter at the stupidity of those who come up with such surrealistic laws. Thoughts come of people who have an alien sitting in their heads and defecates their needs in their skulls, any utopia that has been shown in films is incomparable with this absurdity.
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Lol you are so not for this idea, which I understand, it kind of extreme but how about we look at the lesson trying to pass onto the kids earlier on in life? How would you teach your kid(s) about taxation if you want to do that at their childhood years?
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I will teach them to avoid taxation, it will be more useful for them), at least to reduce taxes to nothing. How to do it? Become an artist whose work is not taxed when they sell their paintings one-time, become a beekeeper whose activities are tax-free up to a certain point, and other areas of activity that bypass the tax and fiscal authorities.
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Isn't this like wanting or wishing your kid(s) to be a doctor but they might want to do something else, I understand there are some ways to legally pay less tax or not pay at all but the kid in question might not want to follow that path and choose a career path the will get them taxed.
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Children have freedom of choice, no one will tell them about what I tell them, but they can learn about taxation at any time and from any source when they grow up and enter an independent life.
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Absolutely, I do agree with you on that.
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And I just like to speculate, lol. Not the fact that I'm always right, I admit it).
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Lol, as long as we are able to express our views freely am cool!
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Moreover, you are becoming cooler and cooler day by day)
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Hahaha you are funny lol! Always nice chatting with you, had some part time job today and tomorrow which have kept me busy offline.
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Seems like an interesting idea!!
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Lol, with various feel to it.
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I support the fact that we are building our children for what is to come because this the reality they have to live with in the future.
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That is the point and why I will be doing this if I have to even though it is a bit extreme on the kids. Maybe at age 5, do implement it 2-4 times just so they have that lesson...
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