what types of taxes are there in the us
Taxation in the United States The United States of America has separate federal, state, and local government(s) with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2010, taxes collected by federal, state, and municipal governments amounted to 24.8% of GDP. In the OECD, only Chile and Mexico are taxed less as a share of their GDP.[1]
United States federal budget During FY2016, the federal government collected approximately $3.27 trillion in tax revenue, up $18B (billion) or 1% versus FY2015. Primary receipt categories included individual income taxes ($1,546B or 47% of total receipts), Social Security/Social Insurance taxes ($1,115B or 34%), and corporate taxes ($300B or 10%). Other revenue types included excise, estate and gift taxes.[1] FY 2016 revenues were 17.8% of gross domestic product (GDP), versus 18.2% in FY 2015. Tax revenues averaged approximately 17.4% GDP over the 1980-2015 period, generally ranging plus or minus 2% from that level.[1] Tax revenues are significantly affected by the economy. Recessions typically reduce government tax collections as economic activity slows. For example, tax revenues declined from $2.5 trillion in 2008 to $2.1 trillion in 2009, and remained at that level in 2010. From 2008 to 2009, individual income taxes declined 20%, while corporate taxes declined 50%. At 14.6% of GDP, the 2009 and 2010 collections were the lowest level of the past 50 years.[1]