The basis of the revenue part of the American budget (about 70%) is federal taxes. The most important tools for managing the level of income of the population are several types of taxes:
- income tax on the wages of individuals and self-employed entrepreneurs;
- mandatory corporate tax on excess profits of enterprises;
- wealth tax;
- sales tax and excise taxes;
- contributions to the social insurance bodies;
- unemployment tax.
Tax rates at the federal level are unchanged for all categories of payers. The object of taxation is the company's net profit or individual’s income.