Word of the Week:
Taxes

Definition: Taxes are funds that people and companies must pay to the government. A few types of taxes we pay are income tax, sales tax, property tax, capital gains tax, estate tax, and corporate income tax.

Key Takeaway: You may pay taxes on what you earn, what you buy, and property you own.

Challenge: Next time you are at a gas station, pay attention at the pump and locate the notice for the different gas taxes.

Fun Fact: In Texas, cowboy boots are exempt from sales tax, but hiking boots are not. In New Mexico, residents who live to 100 don't have to pay state income tax for the rest of their lives.