On this episode of Fiscally Savage we will walk you through everything you need to know about taxes, where your income tax money goes and the different types of funds that help operate different sectors of the government and the US military. We will also give you a brief rundown on how to calculate federal income tax but be warned, this is not tax advice and we advise you leave that to the professionals.

 

00:00 - 1:28 -  Introduction

1:30 - 3:00 - Setting up today’s topic, taxes.

3:00 - 3:40 - There is no political agenda here, this is purely educational.

3:40 - 4:30 - What sections we will be covering in this episode.

4:30 - 5:18 - The government isn't telling you the whole truth when they discuss taxes.

5:20 - 7:40 - How did federal income tax come about?

8:00 - 10:50 - What are federal income taxes?

10:53 - 12:16 - The difference between effective tax rate and marginal tax rate.

12:16 - 14:05 - You need to see tax how it is and not how your political beliefs tell you it is

14:05 - 17:40 - Where do your income taxes go?

18:00 - 21:57 - The US runs a structural deficit, what does that mean?

21:57 - 22:42 - What your payroll taxes are paying for.

22:42 - 24:00 - The source of money is just as important as who’s handing it out.

24:06 - 25:35 - The discretionary fund.

25:35 - 27:30 - What would happen if we just got rid of the US government?

28:00 - 33:30 - How do you formulate income taxes?

33:30 - END - Wrap-up & Outros.