The Importance Of Taxes In The United States?

Taxes, also known as tariffs or customs are according to the assigned text a sum of money collected by a government from its citizens, businesses, and corporations for the funding of said government and its projects and programs( Farlex,2013). It is no exaggeration to say that taxation is vital to governments the world over, considered by many to be the very lifeblood of Government. We will turn our attention to how this overlooked but vital system functions in the country many consider the forefront of the modern world, The United States of America. In the Untied States of America which as of the date of this writing, the world 's single largest economy, composing roughly 24.5 percent of the Global production with GDP of over 18,561,930,000,000, per year(Heritage,2016.) there are two levels of government …show more content…
Next is Payroll taxes are also known as SSI taxes or Medicare taxes which are collected from both individuals and their employers based on overall payroll and are of a much lower overall percentage are used in large part to fund social benefit programs such as Medicare, Welfare, and Social Security(Bianco,2013.). Corporate income tax, which was once the largest form of federal revenue and is now the third and consists of taxes collected on the income of corporations with the country(Investopedia,2014.). And lastly, Federal Excise Taxes which are unique sales taxes collected on certain goods, foods and services, such as Alcohol, cigars, Gas and Tobacco