Income Tax Structures in the United States and China (Essay Sample)

Income tax structures in the United States and China
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Income tax structure in the United States
The current income tax structure in the United States is a progressive system; the more income an individual earns, the higher the tax rate they pay. The tax code is divided into several tax brackets, each with its tax rate. For the tax year 2021, the tax brackets and their corresponding tax rates are as follows: 10% for individuals earning less than $9,950; 12% for individuals earning between $9,950 and $40,525; 22% for individuals earning between $40,526 and $86,375; 24% for individuals earning between $86,376 and $164,925; 32% for individuals earning between $164,926 and $209,425; 35% for individuals earning between $209,426 and $523,600; 37% for individuals earning more than $523,601.
In addition to these federal income tax rates, many states also have their income tax systems, which can add to the total tax burden of individuals. The state income tax rates vary from 0% to 13.3%, and some states have a flat tax rate, meaning everyone pays the same percentage, regardless of income.
The current income tax structure in the United States includes deductions and credits that can