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As a consequence, the U.S. — compared to many other industrialized, developed democracies — has a more complicated tax regime. This not only frustrates comparisons of the tax bite between the United States and other nations, but it hampers comparisons across the fifty states. In our quilt work of municipalities and states, there is wide latitude in, one, defining what constitutes income or property to be taxed, and, two, the rates to be levied. For example, seven of the fifty states (AK, FL, NV, SD, TX, WA and WY) make no provision for a personal income tax. Sales tax is another revenue form which varies widely in its take.
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- By: Tim Knight
- On: 12/5/12 10:41AM
- Viewed by 17 SocialTraders
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