The World 's Single Largest Economy Essay

876 Words Nov 26th, 2016 4 Pages
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 which are responsible for Taxation.The State and Federal levels, the state levels collect taxes from all citizens within the borders of a state and are done by each state individually, and the percentage varies from state to state, the minimum being 0% the maximum in California being 13.30(State Budget,2014.). Also, State taxes often include a taxes based on all goods known as a Sales Tax. While above that is the Federal level which is the responsibility of the Internal Revenue service or IRS which collects taxes from all Americans within the boundaries of the United States, largely through personal income taxes. The are multiple types of taxes collected in the US…

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