“About 46% of taxpayers don’t know what tax bracket they are in and don’t even know what a tax bracket is”, according to NerdWallet. With this “lack of knowledge, it can lead people to poor financial decisions and even mistakes” that can be very costly to them in the future. What is causing this to happen?
The root of this problem could be caused by schools not teaching kids what they need, so they can thrive and succeed in the real world.
Kids now in High School are learning pre-calculus and geometry. After high school you go out into the real world. You have college, you have a car, and you have taxes. A survey from Study Finds has shown that “2,000 American adults commissioned by H&R Block, nearly six in ten adults (57%) feel a course on money management and budgeting in high school would have been helpful for them.” Then “another 44% of American adults would have liked to take a class explaining how to file taxes.” Another survey has shown more than “1,800 U.S. adults who filed taxes last year and plan to file this year found that, on average”.
Schools teach you theories and concepts, but they are not focusing on teaching you how to react in practical situations. Americans use about 37% of the information that they have learned in school and 46% of adults find tax season stressful most likely because they don’t understand and don’t recognize how to do taxes. This is most likely due to Middle School and High School not teaching young adults how to do taxes.
In order to have a roof over your head, you need to be able to pay taxes and this lack of knowledge can leave people with poor financial decisions and even mistakes that can be very costly in the future. The Board of Education needs to add a crucial class in High School and or Middle School that teaches us how to pay and do taxes, pay mortgage, and loans. They need to show that they care about the future, instead of teaching us things that wont help us succeed in life. By doing this, the Board of Education will show that they actually want us to succeed in life. No matter what you do with your life, you still have to pay your taxes. This is something that will never go away, and instead of trying to figure it out in the future, kids should start now.