Since we live in Michigan, an important presidential battleground state, we see a commercial for McCain or Obama about every ten minutes. I was watching TV with my kids a week ago (can't remember if it was the Olympics or some other show) when an ad for one of the candidates came on and started telling how great the (assumed) party nominee was.
My son said over the commercial:
"He's not that great. All he wants to do is raise taxes."
I was surprised at this comment since we haven't discussed what one candidate thinks versus the other when it comes to taxes. I was even more surprised since I didn't think my son knew what taxes were (we've taught our kids how to earn, save, and give, but nothing as "high level" as taxes yet.)
So I asked him:
"What are taxes?"
He responded without a blink:
"Taxes are money we pay to the government so they can buy the president a big screen TV. Then at lunch they watch popular movies."
Obviously, there was a problem with this interpretation -- and my daughter chimed in immediately:
"That's not right. Taxes are money we pay to the government -- half goes to stuff like roads and libraries and they keep the other half for themselves."
I didn't know whether to correct her or congratulate her on a relatively accurate assessment of the situation. ;-)
How young are they? I would be glad that they have some kind of interest in it, even if the information is not quite right at first.
Posted by: ekrabs | August 28, 2008 at 03:58 PM
LOL! I think they both are more understanding of taxes than a lot of adults! ;-)
Posted by: MasterPo | August 28, 2008 at 04:08 PM
Kids say the darndest things!!! (Remember that or am I dating myself)?
Posted by: rdub98 | August 28, 2008 at 04:11 PM
Ahh kids, they always find the best way to describe stuff like that. LOL @ big screen TVs.
Posted by: Orange | August 28, 2008 at 04:17 PM
Big screen TV? Everybody's got one of those now. Try a whole screening room!
Posted by: Kevin | August 28, 2008 at 05:25 PM
I think your daughter was right on the money. Except for her percentages are off. They keep more like 80 % for themselves.Good job none the less.
Posted by: Steve | August 28, 2008 at 05:38 PM
Nah,they keep 20% and give the other 80% to the demographic (as determined by whatever poll or focus group) whose vote they need to be re-elected next term
Posted by: KevinC | August 28, 2008 at 06:26 PM
You know, they are probably both right!
Posted by: thayerbear0 | August 28, 2008 at 08:42 PM
If I asked my kids what taxes were ,they would problably ask me were they attach it to their iphone.
Posted by: Maria | August 28, 2008 at 10:31 PM
your kids are just GREAT and they are quite right! I laugh a lot since is not diferent here in México.
Posted by: So | August 28, 2008 at 10:41 PM
this post made my evening :-)
Posted by: MultifolDream$ | August 28, 2008 at 11:04 PM
And all these years I thought 50% went into their pockets and the other 50% went for all of the entitlement programs for the useless...
Posted by: Cute | August 28, 2008 at 11:33 PM
In a lot of cases, if they just kept it for themselves to buy big screen TVs etc., it would less harmful than what they actually spend our money on.
Posted by: Matt H | August 28, 2008 at 11:45 PM
LOL nice one :)
Your kids sure learned some stuff pretty fast. Did they learn that from the tv or from other kids?
This is normal everywhere not just in the US or Mexico etc. The money they make is huge with each mandate but some governments spend more for people than others.
Posted by: Financial Course Blog | August 29, 2008 at 08:23 AM
They both do. One to pay for what we are already spending and the other in the future to pay for what we are not.
Posted by: Lord | August 29, 2008 at 05:37 PM
Obama Rocks my Socks!!! YEA!!!!!!!!!!!!!!
Posted by: Emily | August 30, 2008 at 03:05 PM
Can your kids explain why landlords in Michigan pay four times as much school property tax as homeowners?
Posted by: terry | August 31, 2008 at 04:16 PM