Module 7 Introduction

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From the course by University of California, Irvine

Managing Your Money: MBA Insights for Undergraduates

682 ratings

University of California, Irvine

Managing Your Money: MBA Insights for Undergraduates

682 ratings

This course will use as its foundation the principles of managerial economics and draw in a multidisciplinary way upon other disciplines in business education.The goal of the course is to introduce college students in a very practical and useful way to the concepts of time and money management along with career and life planning.

From the lesson

So Do I Have To Start Paying Taxes Now?

Module 7 Introduction2:26

So Do I Have To Start Paying Taxes Now? Part 16:00

So Do I Have To Start Paying Taxes Now? Part 2 4:49

So Do I Have To Start Paying Taxes Now? Part 3 4:47

Meet the Instructors

Dr. Peter Navarro
Professor
Paul Merage School of Business

[MUSIC]

Hi, I'm Prof Navarro.

>> And I'm Alex LeBon.

>> All right.

So what's up for today's lesson?

>> It's tax time, all manner of taxes.

>> All right. How many can you name off the top of

your head.

>> Let's see. We have income, property, gas,

state, value added, payroll, unemployment.

>> Hm? You really have to pay a tax when

you're unemployed?

>> Not quite.

That's a tax people with jobs have to pay, so there's money around for

the government to help people without a job.

Including you, if you have bad luck.

>> Sounds like socialism to me.

>> Or maybe just good economic policy.

>> That's the funny thing about taxes.

People in the political arena argue about them all the time.

>> Well, perhaps with good reason.

After all,

in some countries over half of your income goes to paying your taxes every year.

So are we going to get into a debate today about taxation?

>> No, I'm just going to explain how taxes work,

talk about some of the arguments justifying taxation, then show our

students some cool tips about how to manage their tax bill every year.

>> All right, sounds like a plan,

but before we get started, let's play a little game of who said what.

>> Okay, go for it.

>> All right, first one.

No taxation without representation.

>> That's the anti King George slogan that got the American revolution going.

>> Hm, nice.

How about this one.

If you get up early, you work late, and pay your taxes, you will be rich.

If you strike oil.

>> [LAUGH] That sounds like oil tycoon J.

Paul Getty.

>> You're on a roll. How about this one.

The income tax created more criminals than any other single act of government.

>> That would be American senator and arch conservative Barry Goldwater.

>> Okay, Mr. physics major.

Sure you're gonna get this one.

The hardest thing in the world to understand is the income tax.

>> Nice clue.

That person?

Albert Einstein.

He could figure out relativity, but taxes?

Maybe too tough.

>> Indeed. Okay, here's the last one.

Only two things that are certain in life are death and taxes.

>> Well, you'll have to go to the first lesson if you want that answer.

>> All right, off you go when you're ready.

[MUSIC]

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