US is one of two nations in the world that taxes its non-inhabitant citizens on worldwide revenue, in the same method or rates as residents; the other is Eritrea. The U.S. Supreme Court upheld the constitutionality of imposition of like a tax in the case of Cook v. Tait.
Wages taxes are imposed by the federal also all state governments. These inclusive Social Security or Medicare taxes imposed on both employers also employees, at a conjointed rate of 15.3% (13.3% for 2011 or 2012). Social Security tax applies only to the 1st $106,800 of wages in 2009 through 2011. Nevertheless, benefits are just increased on the first $106,800 of wages. Employers must withstand revenue taxes on salary. An unemployment tax and particular another collects apply to employers. Wage taxes have dramatically increased as a share of federal revenue since the 1950s, while corporate earning taxes have fallen as a share of earning. (Company profits have not fallen as a share of GDP).
Property taxes are imposed by most local governments or many special goal authorities based on the fair market value of treasure. School also other authorities are often separately governed, or enforce distinct taxes. Wealth tax is generally imposed only on realty, though some jurisdictions tax several forms of business property. Treasure tax rules and rates diverge widely with annual median rates ranging from 0.2% to 1.9% of a wealth’s value depending on the state.