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Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
A consumption tax is a tax levied on consumption spending on goods and services. The tax base of such a tax is the money spent on consumption. Consumption taxes are usually indirect, such as a sales tax or a value-added tax. However, a consumption tax can also be structured as a form of direct, personal taxation, such as the Hall–Rabushka ...
Median household income and taxes State Tax Burdens 2022 % of income. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly.
Tax rates vary by state and locality, and may be fixed or graduated. Most rates are the same for all types of income. State and local income taxes are imposed in addition to federal income tax. State income tax is allowed as a deduction in computing federal income, but is capped at $10,000 per household since the passage of the 2017 tax law ...
The monitoring of federal spending and taxation and its variation between states in the United States began in 1977 under a query run by Daniel Patrick Moynihan, Democratic senator of New York. The query was designed to determine whether the state of New York was paying more in taxes than it was receiving in federal spending.
The United States is the world's largest producer of petroleum and natural gas. [63] In 2016, it was the world's largest trading country [64] and second largest manufacturer, with American manufacturing making up a fifth of the global total. [65] The U.S. not only has the largest internal market for goods, but also dominates the services trade.
Local governments have the authority to impose sales taxes on top of state-level levies. This can drastically alter the overall tax rate in various areas within a single state. For example, in New York City, consumers pay a combined state and city sales tax, but in other areas of the state, the rate could be lower since there are no local taxes.
Economists expect tax manipulation to increase or decrease consumer spending, though the precise impact of specific manipulations are often the subject of controversy. Underlying tax manipulation as a stimulant or suppression of consumer spending is an equation for gross domestic product . The equation is GDP = C + I + G + NX, where C is ...