The United States is one of two states in the world that taxes its non-resident citizens on worldwide revenue, in the same way or rates as residents; another is Eritrea. The America Supreme Court established the constitutionality of imposition of such a tax in the case of Cook v. Tait.
Payroll taxes are imposed by the federal or all state governments. These inclusive Social Security or Medicare taxes imposed on both employers or 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 thru 2011. Nonetheless, benefits are just accrued on the first $106,800 of wages. Employers must restrained revenue taxes on wages. An unemployment tax or particular another gathers apply to employers. Payroll taxes have dramatically increased as a share of federal revenue since the 1950s, while venture revenue taxes have fallen as a share of revenue. (Company profits have not fallen as a share of GDP).
Wealth taxes are imposed by most local governments or many particural objective authorities based on the fair market value of treasure. School or another authorities are oftentimes separately governed, or enforce distinct taxes. Wealth tax is mostly imposed just on realty, though some jurisdictions tax some forms of business treasure. Wealth tax rules or rates vary widely with annual median rates ranging from 0.2% to 1.9% of a property's value basing on the state.
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