Taxes in the United States

The United States of America has separate federal, state and local governments with taxes imposed at each of these levels. Taxes are levied on income, salaries, real estate, sales, capital gains, dividends, imports, estates and gifts, as well as various types of fees. In 2010, taxes collected by federal, state and municipal governments amounted to 24.8% in GDP. In the OECD, only Chile and Mexico are taxed less as a share of GDP.
However, taxes fall much more on income from labor than on capital income. Divergent taxes and subsidies for different forms of income and expenditure may also be a form of indirect taxation of certain activities over others. For example, individual expenses for higher education may be considered "taxed" at a rapid pace, compared to other forms of personal expenditure that are officially recognized as investments.

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Taxes are levied on the net income of individuals and corporations by federal states, most states, and some local governments. Citizens and residents are subject to global income tax and allowed foreign tax credits. Subject to taxable income is determined in accordance with the principles of tax accounting and not financial accounting principles and covers almost all income from any source. Most business expenses reduce taxable income, although limited to a few expenses. Individuals have the right to reduce their taxable income by personal entitlements and certain non-business expenses, including mortgage interest, state and local taxes, charitable and medical contributions, and some other expenses incurred above certain percentages of income. State regulations for determining taxable income often differ from federal regulations. Federal marginal tax rates range from 10% to 39.6% of taxable income. State and local tax rates differ significantly from property, from 0% to 13.30% of income, and many have graduated. State taxes are usually treated as tax deductible costs for the calculation of federal tax. In 2013, the top marginal income tax rate for a high-income California resident, combined with the federal rate will be 51.9%

Tax levels and types

The US has an assortment of federal, state, local and government special purpose jurisdictions. Everyone imposes taxes to finance their activities completely or partially. These taxes can be imposed on the same income, property or business, often without tax shifting one against the other. The types of taxes imposed at each government level are different, partly because of constitutional restrictions. Income taxes are imposed at most federal and state levels. Property taxes are usually only imposed at the local level, although there may be many local jurisdictions that tax the same property. Other excise duties are imposed by the federal government and some state governments. Sales taxes have been imposed by most countries and many local governments. Customs duties and tariffs are imposed only by the federal government. A wide range of user fees or license fees are also imposed.
A federal wealth tax would be required by the United States Constitution for distribution to states according to their population, because this type of tax is considered a direct tax. State and local property taxes are property taxes on property.
Taxes may be imposed on individuals (individuals), businesses, settlements, trusts or other forms of organization. Taxes can be based on property, income, transactions, transfers, importing goods, running a business or a number of factors, and are generally imposed on the type of taxpayer for which such tax base is relevant. Thus, property taxes appear to be imposed on property owners. In addition, some taxes, in particular income taxes, may be imposed on members of the organization on the organization's activities. Therefore, partners are taxed on the income of their partnership.

Capital gains tax

Individuals and corporations pay US federal income tax on the net sum of all their capital gains. The tax rate depends on both the tax group investor and the amount of time the investment has taken. Short-term capital gains are taxed by the investor's ordinary income tax rate and are defined as investments held for a year or less before selling. Long-term capital gains on the disposition of assets held for more than one year are taxed at a lower rate.