What kind of tax is there in the US?

Question

In the UK we get loads of taxes (income tax, council tax, national insurance, etc)

For a basic salary in the UK the government takes 33% in tax.

How much is tax in the US?

Answer 1

Federal Income tax: 0% - 35% (10% - 15% of gross wages is typical but low-income workers may have a negative tax of up to about 25% of wages, i.e. they pay little or no income tax and get additional assistance from the government in the form of a refundable tax credit.)

State Income tax: 0% - 10% depending upon the state. Not all states have an income tax. Those that don't typically have much higher sales taxes and property taxes.

Real Property Tax: Varies widely .2% - 3% of value

Personal Property Tax: Varies widely. .1% - 1% of value. Not all states levy Personal Property Taxes.

State Sales Tax: (Similar to VAT) 0% - 10% Not all states levy Sales Taxes

Those are the taxes most folks deal with on a regular basis. Renters don't pay Real Property taxes, but the tax is figured into the rent by the landlord. There are no occupancy taxes or Council Taxes.

There is a wide variety of hidden taxes called Excise Taxes that are embedded in the price paid for the taxed goods. The most well-known of these is on gasoline (petrol) and varies by state from about 35 cents to 55 cents per gallon including the Federal fuel tax. (Petrol over here is less than £1.50 per gallon, you'll love it!)

Having lived and worked in the UK and the US, the US tax bite -- as much as most of us like to complain about it -- is about half of the total tax levy in the UK.

Oh yeah, and speed cams are illegal in most states! And police radar detectors are LEGAL in most states! And fixed rate mortgages are the rule -- for the life of the mortgage!

Answer 2

There are:
1) Personal Income Tax;
2) Property Tax;
3) Corporate Tax;
4) Sales Tax;
5) Road Tax;
6) Estate Tax;
7) Lottery Tax

Answer 3

Answer for your 3 questions...

1) There's too many to name. You have to be more specific.

2) Basic Salary:

3 main sources of income..

1) Income W2 = Up to 33% depending on your tax bracket.
2) Capital Gain = Up to 33% depending on your tax bracket.
3) Property = Nothing from profits if you know what you're doing.

3) Each state has it's own tax laws. I.E. = Alaska and Oregon residents don't pay taxes on purchased goods.

Answer 4

There is a sales tax, property tax, income tax etc. I can't name all the states but many have no state income tax like Texas and Nevada so that helps but you may pay more in property taxes too so they can make up for what other states pull in. If you want a comparison than the IRS site has a chart according to income so you can compare.

Answer 5

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Answer 6

too bloody many... to answer your first question