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How is the US Taxation structure built?
The US Tax structure is built both on a federal as well as a state level. These taxes may vary from several types ranging from income tax to sales tax levied on the sales of products. The federal and the sales tax are completely different from each other and each has their own individual collecting their respective taxes.
There are both direct and indirect form of taxation for the federal and the state levels. Divergent taxes and the subsidiary taxes all fall under the different form of income and expense. These taxes are basically charged on the net income of the individuals living in the US.
What are the key elements in the US Tax System?
Every structure in some place or the other consists of the basic key element which makes up the whole system. The US Government also has key elements which charge the taxation in the US. Some of the important key elements are given below in certain points.
- The tax brackets for the individuals are reduced from eight to three. The lower tax rates are almost nearly 5 percentages which eases a lot of tax burdens for the Americans and their daily earnings.
- The current plan in the government shows that the individuals can deduct at double rates from their earnings. This is done to let the taxpayers enjoy their source of income and also to put more money in the pockets of the taxpayers.
- According to the latest tax structure, the capital gain tax has been reduced to a considerable rate. This reduction in the capital gains is meant for the people so that it creates a greater incentive for the people to invest and generate their income.
- The corporate rate of the tax system in the US has been cut to a percentage from 40 to 15. The rate down is to make the industries gain from their source of income. This rate is also created for the industries so that they can collect back the money they made from overseas marketing.
The advantages of the US Taxation
Tax payment advantages are there if the individual pays his/her taxes right on time without interference. There are certain advantages of one-time tax payment which are listed down in several points.
- The benefit of filling the taxes may eliminate the chances of double taxation by the US Government and let the residents free.
- People who delay their tax filling only increase their tax liabilities which get accumulated. If the tax is paid then the interest charged on the payment will be high due to the large accumulation of taxes. Thus, taxes should not be avoided.
- Foreign Tax Credit should not be granted if the individual is not paying his/her taxes. If the individual is from India and working in the US then the Government will charge FTC so that the rate of tax is reduced.
- Another problem for the outsiders in the US is the facing of Visa issues. If their taxes are not fulfilled then the Government can cease their visas. The tax requirements of the US if not settled can also cause the visas being revoked by the US Government.
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