The American Tax System
A comparative essay which compares the American tax system with those of four other countries.
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A comparison of the tax systems of four different countries to the American tax system – South Africa, Mexico, Hong Kong, and New Zealand. The paper explains the American tax system and then analyzes the systems of these other four countries. It concludes with an overview of the country which is seems to the fairest to both individuals and corporations.
“Hong Kong has a Schedular system of taxation. 0;The tax burden is light and the system is simple; (Taxation in Hong Kong) In this system the only types of income that are taxable are: salaries, profits, and property tax. This system of taxation differs from that of the United States in that 1. The system is simple and easy to understand. 2.Personal income tax rates are among the lowest in the world with a cap of 15%. 3. Corporations are only taxed at a flat rate of 16.5% and capitals gains and dividends received by another Hong Kong corporation are not taxed. 4. It does not have a worldwide tax on income.”