The United States is one of two nations in the world that taxes its non-inhabitant citizens on worldwide revenue, in the same method also rates as inhabitants; the other is Eritrea. The U.S. Supreme Court established the constitutionality of imposition of like a tax in the case of Cook v. Tait.
Wages taxes are imposed by the federal or all state governments. These include Social Security or Medicare taxes enforced on both employers and employees, at a conjointed rate of 15.3% (13.3% for 2011 also 2012). Social Security tax applies only to the 1st $106,800 of wages in 2009 thru 2011. Nevertheless, benefits are only accrued on the first $106,800 of salary. Employers should withstand earning taxes on wages. An unemployment tax and certain other collects apply to employers. Salary taxes have dramatically increased as a share of federal income since the 1950s, while corporate earning taxes have fallen as a part of revenue. (Corporate profits have not fallen as a share of GDP).
Treasure taxes are enforced by most local governments and many particural purpose authorities refer to the fair market value of property. School also other authorities are often separately governed, and enforce separate taxes. Wealth tax is generally imposed just on realty, though some jurisdictions tax several forms of business treasure. Wealth tax rules and rates vary widely with yearly median rates ranging from 0.2% to 1.9% of a property’s value basing on the state.