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Major Types of U.S Taxes

Major Types of U.S Taxes

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Each country has a specific taxation system and that system is a very backbone of the country's economy and budget. The tax revenue is the money that is afterwards invested in all of the most important branches of the state affairs like the security, development, defence, and social program and similar. So, it is clear that the taxes are something that keeps the state alive and that they are pretty much one of the most important things in the modern society.


Still, these taxes can be pretty troublesome to understand for many people since the taxation system has evolved over time and now it reaches almost every aspect of our lives. Of course, a certain generalization can be made so we can notice some distinct parts that are concerning some specific issues, so the general division of basic types of taxes is possible.


In the US taxation system we can see three major segments of the taxation system. The first and the most common type of tax is the Income Tax. This tax is basically affecting every individual working and earning money in the US. In the simplest way it may be determined as the tax on the income when all of the deductions are made. Namely, you are entitled for a tax refund up to the certain amount as the expenses made are deducted from the gross sum of the tax. This requires filling the certain form and sending it until the certain date and then the IRS is making the deductions and refunds the surplus of the taxed money. This tax depends heavily on your income and is designed so that the people who are earning more are paying more. Although it is a pretty unpopular sort of the tax and many people are quite dissatisfied with its regulations, it is still the major source of the funds that allows the state to operate.


The Corporate taxes are influencing the companies and are created in a similar manner as the income tax. The most important difference is that the Corporate Taxes are affecting the legal entities while the Income tax is influencing the individual people. This kind of tax takes the part of the profit the company has made over the year and same as it is the case with the Income Tax it is highly unpopular amongst the companies and corporations, but its value is simply essential for the state to operate properly.


Social Security and Medicare Tax are the most humane and most people oriented taxes. These taxes mean that the certain amount of the income money will be taken from you but it covers the social security after the working age and it allows the medical care when the need arises. Although there are certain private pension funds and private insurances that are treating the issue as well, these are the basic types of the taxation which are mandatory for all of the people making certain income.


So, to summarize, Major Types of U.S Taxes make a pretty complex system and although they are a bit hard to understand they are simply essential for the state operations.

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