Learn English vocabulary for money, tax and taxes from a conversation with Donald Trump. We look at the meanings of words like tax, accountant, income, expenses, tax return and audit, along with other words and expressions.
We have also created a free worksheet to practice words and phrases in the video that you can find here:
Talking Tax and Taxes with Trump Script
Hello and welcome to Simple English Videos where today we’re looking at English words for money and taxes. And we have an expert to help us – President Trump. Mr. President, thank you so much for joining us today.
Well, it’s a pleasure to have you here.
We’ll have to see what happens.
OK, the first word is tax? It’s an interesting noun because it can be countable or uncountable. And it means the money we must pay to the government, right?
I think I can agree with that.
I think the rules are unbelievably archaic and slow moving and in many cases unfair.
So you think the tax system is old fashioned and we should change it?
It’s just a very, very bureaucratic system.
Bureaucratic – another useful word. It means it involves a lot of complicated rules and processes. That’s why many people employ an accountant to help. Could you explain what your accountant does?
Well, it’s a … it’s a tough job.
Yes, keeping financial records, calculating taxes…
I have a very big tax return. You’ve seen the pictures. My tax return is probably higher than that from the floor.
Tax return – another useful expression. That’s the form we all complete for the government that contains our financial information. Your accountant completed your tax return.
He was able to do it, so obviously he’s a pretty smart cookie.
A smart cookie. So you think he’s bright and intelligent.
I have… I really have, you know, no comment on him. People are saying ‘Is he sane?’ I have no idea.
When you look at other people’s tax return, even other wealthy people, their tax return is this thick. My tax return is this high.
Yeah, yeah, because you have a lot of income. Income – the money we make from our work or investments. If we receive more income – we pay more tax.
I think it’s very unfair.
But, before we pay our tax we can deduct our expenses – deduct – take away and expenses – the costs. The money we have to spend in order to earn money. We can deduct expenses.
Much, much more than people understand.
So you think we can deduct more money?
Well, I have a problem
I’m under audit.
I think it’s a very unfair thing because I have been under audit almost like, since I became famous. OK?
Well, let’s explain. An audit is when officials examine your financial records to see if they’re true and correct. Nobody wants to be audited.
I would much prefer them not to do that, that’s right.
Because of your deals with Russia?
The concept of Russia with respect to us is a total phony story.
So it’s not true. And you mean a totally phony.
Of course it’s a total phony story.
Totally phony. Totally phony. Well, thank you so much for talking to us, Mr. President. We’re really grateful to President Trump for talking to us this week. See you next Friday everyone. Bye.
Hi everyone. If you’d like more practice with words and expressions you heard in this video, we’ve made a free worksheet for you. I’ll put a link in the description below. If you liked this video, please, give it a thumbs up, and don’t forget to subscribe to our channel. Bye now and happy studying.