If you are considering a permanent move to the USA you may be researching a number of issues. One of the major ones is likely to be tax implications. We have therefore included some commentary from one of our Tax specialists that may be of interest.
“In general terms taxes are currently lower in the USA than compared with many other industrialized countries. Of course generalities are always difficult, as there are many forms of taxation in each country. An individual’s tax liability will vary according to their particular circumstances. As an example take sales tax. The USA does not have a country wide system of sales or value added tax. An average figure for sales tax in the USA varies according to each State but is in the region of 5% to 7%.Some states do not have any sales tax! Compared too many European countries where the figure can be 20% this can make for a considerable difference in the cost of living. There is also a federal income tax in The USA which is progressive, increasing with the amount of income. Currently this ranges from 10% to 35% of taxable income with the highest level only cutting in at a taxable income exceeding $375,000 for a husband and wife filing a joint tax return. There are many deductions available which can reduce taxable income, these can include, home mortgage interest, property taxes, investment interest, local taxes, State sales taxes etc. Some States also levy taxes on income, figures vary. It is important to understand that tax liabilities are a highly individualized topic and each set of circumstances may differ. Different countries may have tax agreements with The USA to avoid double taxation and it is important to obtain professional advice”.
Reposted from Which EB-5 Blog