The US tax system

The US tax system is based on the economic principle of liberalization. The essence of this principle is the effective use of modern market regulators of economic development. The organizational structure of this system includes three levels and consists of such types of taxes: federal, state and local.

From the perspective of the stimulating (economic) potential, US taxation can be realized through the following basic elements:

- use of accelerated depreciation OF, which will increase the share of costs and, accordingly, reduce the proportion of profit in the cost of services and products. In other words, it is a benefit on the profit tax and a tool to stimulate investment in the economic activities of the subjects;

- privileges that relate to investing in research and other design work and may lead to the complete exemption of the payer from taxation;

- tax rebates of a special value, which are assigned for the use in the production processes of alternative types of energy, the total share of which is about 50 percent of the value of the fixed assets used.

The modern tax system of the USA does not fully use the regional potential and up to 70 percent of all tax revenues goes to the federal budget with a subsequent partial redistribution to the territorial level in the states.

In recent years, there has been an increase in tax revenues in the states themselves in the areas of social security, public health and the protection of public order. However, subsidies from the federal budget are still quite appreciable (about 70 percent).

The US tax system is a reflection of the fiscal function of the state, based on the taxation of the population (individuals). The main types of taxes include:

- Income tax, with the help of which about 40 percent of federal budget revenues are generated;

- deductions for social insurance in the corresponding funds, produced in equal shares by both the employer and the workers.

Income tax in the US is known for the complexity of calculating income that is taxable. This is due to the uniform distribution of the tax burden on the entire population of the country. It is possible to exclude certain income from taxable income, apply a number of individual benefits, use a special scale of income tax rates that is regressive and lower the percentage of tax with an increase in income. This principle is introduced to prevent evasion of the accrual and timely payment of tax.

The US tax system in the taxation of the business sector provides for the following taxes:

- corporate income tax , accounting for up to 9 percent of federal budget revenues and about 5 percent of state revenues;

- tax on income from the sale of capital assets;

- state tax on business activity, which is determined by the value of turnover and capital.

These two last taxes, basically, play the role of "regulator", and their financial importance for the budget of their country is small.

The insignificant role of excises, which are levied only with a limited number of types of services and goods, can be attributed to the peculiarities of this tax system, the tax rate is in the range of 0% - 8%.

Property (property) is taxed if it belongs to legal entities. Personal property of citizens, used for personal consumption, is not subject to taxation. The federal tax can be collected only from the property received by citizens in the order of gift or inheritance.