• A budget is a financial plan that outlines income and expenses over a specific period.
• To make a budget, list all sources of income and expenses, then allocate funds accordingly to cover necessities and savings.
• Balancing a budget involves ensuring that expenses do not exceed income by adjusting spending or increasing income if necessary.
• Youth benefit from taxes through funding for education, including public schools and financial aid programs.
• Families benefit from taxes by accessing healthcare services such as Medicaid and receiving child tax credits to support their children’s well-being.
• Communities benefit from taxes by funding infrastructure projects like roads, parks, and public transportation systems.
• Taxes support the economy by financing government spending on public goods and services, stimulating economic activity and promoting growth.
• For example, investments in infrastructure funded by taxes create jobs and improve productivity, leading to overall economic prosperity.
• Taxes are compulsory payments imposed by governments on individuals and businesses to fund public expenditures.
• An example of taxes is income tax, where individuals pay a percentage of their earnings to the government to support various programs and services such as national defense and social welfare.
