Leadership Apprentice: Oct. 17 FOCUS

Bonus! Here’s the extra credit video. $10 of you watching it and write a paragraph about it. The paragraph can be a summary, a response, or

FOCUS: Learn to focus your energy on what really matters.

(OPTIONAL) If you want to take this year’s values to the next level, you can get the audio book, “The 6 Habits of Growth” by Brendon Burchard and listen to the chapter on Focus (41 min) this month.

Know

Do ALL of the following:

I hope you enjoyed last month as much as I did! You did a remarkable job of understanding some very complex ideas! And the fun is just beginning! Because the presidential election is just around the corner, this week’s topic is another political hot spot. Next month, I promise we’ll back off a little and cover something more basic. But for now, let’s dabble in the world of taxation. Doesn’t that sound fun?

Taxes in a nutshell: “All government employees and everything the government does is paid for with your tax dollars.” Keep that in mind: anytime we get anything from the government, the government first had to take it from fellow citizens. “All government expenditures must eventually be paid out of the proceeds of taxation” (Economics in One Lesson, ch. 4).

What do you know about taxes? What are they? How is it decided what is taxed, how much, and how to spend the money that is collected? While we are not going to get into all those details, this week we are going to explore some of the economic ideas behind taxes. During an election cycle, this topic gets a lot of attention so this is a great time to start wrapping your mind around it!

Both presidential candidates are wanting to make changes to tax laws: increases, decreases, tax credits, etc. It is enough to make your head spin trying to keep it all straight!

Fold a piece of paper in half, creating two columns. At the top of the left, write “left” and on the right, write “right.” (Wow. that was a lot of right/writes in one sentence!) As you watch this video, note on the appropriate side what he says about each side’s perspective on taxes. Do you agree with one more than the other?

https://www.prageru.com/video/left-vs-right-taxes (If the video doesn’t play, try clicking the “click here to unmute” button in the upper left corner.)

Understanding the economic terms from the notecards this month (tax, tariff, tax rate, tax revenue, inflation) will be key to understanding this week’s assignments. Also, review the note card words from last month (economics, Adam Smith, invisible hand, fallacy, zero sum) and watch for these ideas to come up in the homework. Take note of when any of the note card words show up.

After watching each of the following videos, take a minute to summarize in writing one idea that was presented. Do you agree or disagree? Or does it raise more questions in your mind? Also, note additional economic terms that come up in the videos or reading.

(Whether you agree or disagree with the opinions discussed in the following two videos, notice how some of the ideas and terms that we have studied so far are mentioned.)

Understand

Do ALL of the following and be prepared to share in class:

  • Study chapters 4 and 5 of Economics in One Lesson. What new ideas were presented in these pages?
  • Write a one paragraph summary of something you learned or a new idea that was presented in these chapters.

Meet Thomas Sowell

Who is Thomas Sowell? According to some, Thomas Sowell is one of the greatest economists that you’ve never heard of. Watch these two videos to get acquainted. Here are three important terms to understand that come up in the following assignments:

  • pariah: someone or something that is despised or rejected
  • Marxist: one who supports the political practice of socialism as advocated by Marx
  • Caricature: in art or literature, a portrayal of an individual or thing that exaggerates and distorts prominent characteristics so as to make them appear ridiculous. Caricature is commonly a medium for satire. 

The Great Thomas Sowell

Thomas Sowell vs the Left

Print pages 1-15 of the pamphlet “Trickle Down” Theory and “Tax Cuts for the Rich” by Thomas Sowell. Watch this video and then read the pamphlet. As you read, circle words that you aren’t familiar with. Write their definitions in the margins.

And finally….

Choose one thing that you have learned from the videos and readings in this post. Share it with a parent and ask for their thoughts. (Perhaps have them watch the video with you and then discuss it.)

What new understanding have you gained? Come to class prepared to share what stood out to you and what new questions have arisen in your mind about taxation or even the broader topic of economics.

Looking forward to a lively conversation!

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