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United States

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About

United States

Capital
Official languages
Population 
Currency

ISO 4217

Washington, D.C.

English

331,002,651 (as of July 2020)

United States Dollar

USD

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Economy

"The United States economy is one of the largest and most powerful in the world. According to the World Bank, the United States has a GDP of $21.44 trillion, making it the world’s largest economy. The US also has the highest per capita GDP of any major economy, at $65,112. The US also has the highest labor force participation rate of any major economy, at 63.4%.

The US economy is highly diversified, with the services sector accounting for the largest share of GDP at 79.6%. The manufacturing sector is the second largest, accounting for 11.6% of GDP. The US is also the world’s largest exporter, with exports totaling $1.7 trillion in 2019.

The US economy has been growing steadily since the Great Recession of 2008-2009. The US economy grew by 2.3% in 2019, and is expected to grow by 2.5% in 2020. The unemployment rate in the US is currently at 3.7%, which is the lowest it has been since 1969.

Overall, the US economy is strong and growing. The US has the world’s largest economy, a highly diversified sector, and a low unemployment rate. With the right policies in place, the US economy is well-positioned to continue to grow and thrive in the years to come."

Taxation

In the United States, both corporations and individuals are subject to taxation. The federal government, as well as state and local governments, all have the authority to impose taxes. 


Corporate taxation in the United States is levied on a federal level, with corporations subject to federal income tax on their profits. The tax rate is progressive, with rates ranging from 15% to 35% depending on the corporation's level of taxable income. Additionally, states also impose their own corporate income taxes, with rates varying from state to state.


Personal taxation in the United States is also levied on a federal level. Individuals are subject to federal income tax on their earnings, with the tax rate being progressive and based on the individual's level of taxable income. In addition to federal income tax, most states and some localities also impose their own income taxes on individuals.


The process of tax payment for both corporations and individuals involves filing a tax return, which includes a calculation of the tax owed based on income earned during the tax year. Corporations must file their tax returns on a yearly basis, typically by March 15th of the following year. Individuals must file their tax returns by April 15th of the following year.


Tax payments can be made electronically or by mail, and taxpayers have the option of paying their taxes in full or making installment payments. The federal government also offers various tax credits and deductions that individuals and corporations can take advantage of to reduce their tax liability.

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