Interesting Facts about the US Tax System
If you are living in western countries and especially in America then you are familiar with the tax system. When you go to work and you are finding the pay stub in your hand then you wonder what or how that is made. Different states in America have different types of tax systems. In the 21st century maybe you have the information about the tax system but there are many interesting facts about the US tax system which I will be informing you in this article.
US President Tax
It will be interesting to know that even the president of the US has to give the tax. In western countries, even the political people and even the president give the tax like the people living in their country. If the US President doesn’t get the tax then all the people around America will hate that. In America, there are many rules which are similar for the people living in America and also for the president. The US tax system is very difficult to understand but it is not very difficult to understand that even the president in the USA is giving the tax according to the money he is earning.
Most people File tax online
According to the research in the US tax system, only 10% of the people are filing the tax on paper. 90% of the people who are filing the tax in America filing with the electronic option. Because filing on the online option is very easy to do and also you don’t need to pay a lot of money to the lawyer to file the paper.
40% of people are not paying any Federal Tax
Even though most of the people are filing the tax in America, according to the research only 40% of the people are paying the Federal Tax of income. Many rules in America make you file papers related to the income tax even if you are filing online. If you will not be filing the tax of the income in America then you will be paying a very hefty fine. The law in America is very hard and that is why all the people are filing the tax until they are criminal.
Us tax system is not the first one in the world
If you will research the tax system of America then you will be very shocked to know that America is not the first country to ask for taxes. Before America, many countries were asking for the tax and the Tax rules go towards thousands of years back. Egypt was one of the first countries who asked for taxes from the people. People started paying the tax in America in 1913 and before that, it was not the rule.
The tax rate in America is lower than the others
you will be very happy and at the same time will be shocked to know that the rates of the text in America are much lower than the other countries like Denmark where the tax percentage is 46% of the GDP. In America, the US tax revenue is 24 % of the GDP whereas other countries like Belgium, Sweden, Italy, and similar countries for asking around 40% of the GDP. Even the average is around 33% which gives you the idea that the rate of the tax in America is much lower than the other countries mentioned.
America is giving more than getting
The people who are living in America know better that the tax system of America is so good that the people who are paying the tax are going to get the returns much better than the payment. The Government of America is making the show that all the people in the country are getting the right amount of output, especially the people who are paying the tax. Many people in America are getting the money for free because the tax system of America is making sure that all the people are living with the full belly. Even though it is impossible that all the people who are living in America are getting an amazing life, most of the people are living better than the other countries. The Eastern countries and Asian countries are not getting the right amount of output like they should even though they are getting a lot of taxes from the people. Because the tax system of America is so good all the deserving people are getting the money without any effort. Even in the coronavirus pandemic, the government has given free money to the people because of lack of work during the pandemic.