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Major Types Of U.S Taxes
In United States government impose taxes upon various levels which are on property, income, sales, payroll, gifts, imports and estates as well as many other fees. All these taxes are mentioned here below:
- Income tax- Income-tax or the tax upon income of an individual is biggest taxation’s source for federal-government as well as important source of income for various states. It was in the year 2008 feds yielded about 45% of revenue of government from taxes imposed on income of individual. 43 states charges income-tax out of 50.
- Payroll taxes – Payroll-tax taxed on salaries and wages is source of funding for Social-Security as well as Medicare. With the introduction of Medicare in the year 1965, these taxes showed a rapid growth to about 36% of aggregate federal income.
- Corporate-income tax – This is the 3rd largest revenue’s source for government as well as forty – four of states. Corporate-income tax has been declining part of federal incomes for government. The decrease was observed form 5% to almost 2%. In 1950s it was 5% and today it is 2% only.
- Excise duty taxes – The government fed collects taxes on excise duty on grades of an item. This tax is a particular taxes imposed on some specific items such as imports, tires and gasoline. Excise-tax was calculated for about 3% of the federal income in the year 2008. Excise-taxes are also collected by states on certain products such as alcohol and cigarettes.
- Sales-tax – Local and state government yield significant income from the sales-tax which are added with the good’s cost that is purchased. There are only 5 states which don’t impose any sales-tax and sales-tax is not at all charged on food items in many states.
- Taxes on property – Taxes on properties like homes, land and building are biggest revenue’s source for entities of local-government like towns, cities as well as school. It is a tax imposed annually based upon assessed cost of a property individually.
Questions:
- What are the taxes imposed by U.S. government?
- Describe all taxes in brief.
