As we continue our discussions regarding revenue's associated with public sector, this will help reinforce some of the ideas regarding taxes on goods and services. Through the next week, save your receipts for purchases you make over the next seven days. Once you've compiled your receipts, add the totals up (both for the purchases you made and the taxes you paid for those purchases). Once you've compiled the totals, divide the amount paid in taxes by the total for the purchases of the goods and/or services (less the tax amount). This total should give you the percent you paid in taxes. Take the dollar amounts and multiply times 52 to give a "rough" idea for how much you pay annually for goods and services as well as the taxes on those good and services. Once you compute your "annual" payment of taxes, consider this total and, based on our discussion of the governmental use of revenues associated with these payments, do you feel you get your money's worth based on this "investment"? Explain some of your observations in a short (two page) narrative. Don't worry, I won't ask what you actually purchased, where or why.

Answer rating: 100% (QA)

Lets say Sarah who decides to follow the instructions and track her purchases and associated taxes over the next seven days During this period Sarah makes various purchases including groceries clothin... View the full answer