Kenneth R. Lay, secretary of the N.C. Department of Revenue, recently taught a session on taxes to campers at a financial literacy camp sponsored by the North Carolina Banker’s Association.
Lay presented “Who Is FICA and Why Is He Taking All of My Money,” to two sessions of 15-year-olds at Camp Challenge on Monday, July 27. With campers preparing for their first jobs, his comments were very well received.
“His presentation started out with an example of a young person who is surprised to learn that taxes are withheld from her first paycheck,” said Erin Scheithe, community outreach director for NCBA. “After that, he really had their attention.”
Developing a financial literacy course on taxes is part of Revenue’s ongoing effort to encourage voluntary compliance with tax laws by educating taxpayers. It’s also a great example of mentoring young people and helping them understand an important, real-world subject.
“Improving financial literacy is very important to us at Revenue because it’s easier to comply with tax laws when you understand your tax obligations,” said Lay, who worked with Bank of America before being appointed to the top post at Revenue by Governor Beverly Perdue.
Department representatives teach tax seminars to small business owners and entrepreneurs through the N.C. Community College System’s Small Business Center Network. The department also partners with organizations like the N.C. Retail Merchants Association to provide tax information through non-traditional channels like newsletters, websites and e-mails to association members. For more on those efforts, click here.
Camp Challenge is a summer camp focused on financial education and creating future leaders for the state of North Carolina. High-achieving, low-resource middle school students attend Camp Challenge at no cost to their families, thanks to the financial support of North Carolina’s banks.
