Understanding why taxes matter is crucial for Millennials navigating the financial landscape. Taxes are not merely a government obligation; they play a significant role in shaping the economy and funding essential public services. From infrastructure to education, taxes ensure that society functions smoothly. By understanding how taxes impact your life and the community, you can make informed decisions about your finances and civic responsibilities.
Taxes directly affect your disposable income and overall financial health. Each paycheck reflects deductions for federal, state, and sometimes local taxes, which can significantly reduce your take-home pay.