Taxes, What They Are and How They Work. According to a poll from the University of Chicago and the Associated Press, only 2 out of 10 Americans say they understand local property tax, one out of 4 say they understand federal income tax, and only 3 out of 10 understand sales tax. So this episode is going to be a very mini primer on taxes. One that, hopefully, gets you to think a little bit deeper about the your money and the part you give to your government.