Taxes at the local, state and federal level are all equal
Further Explanation:
the USA has a separate federal, state and local government with taxes that are imposed at each level. Taxes are levied on property, sales, income, estates, gifts. In 2010 the taxes collected by all the level of government accounts 24.8% of the GDP. Taxes are heavy on the labour income than on capital income. Divergent taxes and subsidies are a form of indirect taxation. Taxes are imposed on the net income of the person. The federal margins or tax rates vary from 10% to 37% of the taxable income. Payroll taxes are imposed by both federal and state government. Property tax are imposed by the local government. Sales tax are imposed by most of the states. US imposes tariffs on imported goods. Estates and gift taxes are applied by federal and some of the state government. Income tax imposed at the federal and state level. A federal wealth tax is required by the US Constitution to distribute it to the states according to the population. The taxpayers fall into seven categories depending on the taxable income-10%, 12%, 20%, 24%, 32%, 35% to 37%. The tax system of the USA is progressive as income rises tax rises.
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Answer Details:
Grade: High School
Chapter: Taxes in U.S.A.
Subject: Social Science
Keywords:
Levied, property, sales, income, diverging taxes, indirect taxation, progressive.
