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USA Tax

March, 2015

The Unlimited Savings Allowance or most popularly known as the USA Tax, is a bill passed by the United States Congress which changed tax laws. In layman’s terms, the USA Tax is the progressive consumption tax imposed on households and a value-added tax on businesses. The tax base of the USA Tax is calculated as the total revenue of a business minus the expenses of the business, such as lease cost of the property, capital equipment, inventory, and business services. Under the business purchases category, employee compensation is not included together with state and local property and income taxes. The percentage of these taxes is equals to 8 percent of the first $150,000 and 12 percent if the amount exceeded that. A number of states have different approaches and programs concerning taxation. In order to know more about them, consult the tax department of your state to find out more comprehensive details about these taxes.