USA

The United States (US) is a North American country bordered by Canada, the Atlantic Ocean, Mexico, the Gulf of Mexico, and the Pacific Ocean. English is the national language, but there is no official language at the federal level. Its official currency is the United States dollar (USD).

There are 50 states that make up the US, and one federal district – Washington DC – as the capital city. It’s a constitution-based federal republic, with the federal government made up of three branches: legislative, executive, and judicial. The elected House of Representatives and Senate belong to the legislative branch. The elected President a cabinet of federal agency leaders head up the executive branch, and they administer laws enacted by the legislative branch. And the judicial branch is formed by circuits who oversee and review the decisions of the district courts. The US Supreme Court has ultimate review of lower court decisions. 

Like the federal government, state governments also have legislative, executive, and judicial branches. And then states also have county, city, and municipal governments. The US has 14 dependent territories who have their own governments with limited autonomy (this does not apply to the territories without permanent populations).

Our local Tax Natives in the US can tell you everything you need to know about the ins and outs of your tax obligations there. Whether you’re buying a single property, or doing complex business deals, we’ll get you the advice you need. Just say the word and we’ll link you with a local expert who can answer all your questions. 

THE HEADLINES

• The federal corporate income tax (CIT) rate is 21% in the US, with state CITs ranging from 1% to 12% – although these are deductible expenses for federal CIT.
• In the US, the headline personal income tax rate is 37%
• There is no standard VAT rate, although there are sales and use taxes that vary from state to state.