Hat tip to the teacher (you know who you are!), who shared this “Story of Tax” video with me at a recent workshop that I attended in New Hampshire. What do I like about it?

• It’s under two minutes long
• It provides a historical perspective on tax systems from ancient times
• It provides simple explanations about what taxes pay for
• It shows the underlying principles of tax systems in another country
• The narrator has an Australian accent (the video was produced by the Australia Tax Office)
• You can hit the PAUSE button and receive additional information about a specific tax concept

Why not use the video as a jumping off point to have your students compare and contrast the US and Australian based tax systems around the following dimensions:

• Marginal tax rates by income level
• Top three areas of spending in the government budget
• Differences in tax rates between earned income and investments
• % of tax revenue from corporations vs. individuals

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On the subject of taxes, check out the NGPF Activity on Completing a 1040-EZ

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.