Life in the USA
It is impossible to live successfully in the USA without paying some attention to tax issues. In matters of income taxation alone, the federal government has its own laws and rules, as do many individual states and their subdivisions (counties, cities, towns, and villages). Because income taxation is so pervasive, most of the sections that follow give details on how the system works. Not only that, recent changes in healthcare with the ACA and Obamacare exemptions are also playing a major role in tax payer's annual returns.
States and their subdivisions often have sales taxes, which may differ in rate and applicability from town to town. The states differ on which goods and services are subject to sales taxes. In the USA, sales taxes are rarely included in the advertised price of goods and services. The good thing about sales tax is that, even though the consumer pays them, it is the retailerís responsibility to deal with the government paperwork involved.
The American system of property taxes is extremely complicated and gets a full treatment in the section on Living in an American Community, which deals with real estate and home ownership.
Not even death can shelter an individual from tax, as the federal government, and many states, have estate and inheritance taxes.
Next Section: Income Taxes
Personal Finance: Chapter Home
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