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Country vs country: Italy and United States compared: Economy > Tax

Definitions

  • Components of taxation > Social security > Contribution by employer: Tax on employer's contribution of social security as a percentage of total tax collected by the country. Data is for 2002.
  • Contribution by richest 30%: Proportion of taxes paid by the broad income group - richest 30% (Data is for mid-1990s). Taxes include all direct income taxes, including employee social security contributions. Income groups were built on the basis of final disposable adjusted income.
  • Grants and other revenue > % of revenue: Grants and other revenue include grants from other foreign governments, international organisations, and other government units; interest; dividends; rent; requited, nonrepayable receipts for public purposes (such as fines, administrative fees, and entrepreneurial income from government owner\xADship of property); and voluntary, unrequited, nonrepayable receipts other than grants."
  • Grants and other revenue > Current LCU: Grants and other revenue include grants from other foreign governments, international organisations, and other government units; interest; dividends; rent; requited, nonrepayable receipts for public purposes (such as fines, administrative fees, and entrepreneurial income from government owner\xADship of property); and voluntary, unrequited, nonrepayable receipts other than grants."
  • Highest marginal tax rate > Corporate rate: Highest marginal tax rate (corporate rate) is the highest rate shown on the schedule of tax rates applied to the taxable income of corporations.
  • Highest marginal tax rate > Individual > On income exceeding > US$: Highest marginal tax rate (individual rate) is the highest rate shown on the schedule of tax rates applied to the taxable income of individuals. This series presents the income levels for individuals above which the highest marginal tax rates levied at the national level apply.
  • Highest marginal tax rate > Individual rate: Highest marginal tax rate (individual rate) is the highest rate shown on the schedule of tax rates applied to the taxable income of individuals.
  • Net taxes on products > Current US$: Net taxes on products (net indirect taxes) are the sum of product taxes less subsidies. Product taxes are those taxes payable by producers that relate to the production, sale, purchase or use of the goods and services. Subsidies are grants on the current account made by general government to private enterprises and unincorporated public enterprises. The grants may take the form of payments to ensure a guaranteed price or to enable maintenance of prices of goods and services below costs of production, and other forms of assistance to producers. Data are in current U.S. dollars.
  • Net taxes on products > Current US$ > Per capita: Net taxes on products (net indirect taxes) are the sum of product taxes less subsidies. Product taxes are those taxes payable by producers that relate to the production, sale, purchase or use of the goods and services. Subsidies are grants on the current account made by general government to private enterprises and unincorporated public enterprises. The grants may take the form of payments to ensure a guaranteed price or to enable maintenance of prices of goods and services below costs of production, and other forms of assistance to producers. Data are in current U.S. dollars. Per capita figures expressed per 1,000 population.
  • Other taxes > Current LCU: Other taxes include employer payroll or labor taxes, taxes on property, and taxes not allocable to other categories, such as penalties for late payment or nonpayment of taxes."
  • Revenue > Excluding grants > Current LCU: Revenue is cash receipts from taxes, social contributions, and other revenues such as fines, fees, rent, and income from property or sales. Grants are also considered as revenue but are excluded here."
  • Tax payments > Number > Per capita: Tax payments by businesses are the total number of taxes paid by businesses, including electronic filing. The tax is counted as paid once a year even if payments are more frequent." Per capita figures expressed per 1 million population.
  • Taxes on goods and services > % value added of industry and services: Taxes on goods and services include general sales and turnover or value added taxes, selective excises on goods, selective taxes on services, taxes on the use of goods or property, taxes on extraction and production of minerals, and profits of fiscal monopolies.
  • Taxes on income > Profits and capital gains > % of revenue: Taxes on income, profits, and capital gains are levied on the actual or presumptive net income of individuals, on the profits of corporations and enterprises, and on capital gains, whether realized or not, on land, securities, and other assets. Intragovernmental payments are eliminated in consolidation.
  • Total tax rate > % of profit: Total tax rate is the total amount of taxes payable by businesses (except for labor taxes) after accounting for deductions and exemptions as a percentage of profit.
STAT Italy United States HISTORY
Components of taxation > Social security > Contribution by employer 20.4%
Ranked 7th. 57% more than United States
13%
Ranked 15th.

Contribution by richest 30% 62.3%
Ranked 6th.
65.3%
Ranked 3rd. 5% more than Italy

Grants and other revenue > % of revenue 3.76%
Ranked 79th.
5.14%
Ranked 5th. 37% more than Italy

Grants and other revenue > Current LCU 22.2 billion
Ranked 46th.
116.63 billion
Ranked 1st. 5 times more than Italy

Highest marginal tax rate > Corporate rate 31.4%
Ranked 27th.
40%
Ranked 4th. 27% more than Italy

Highest marginal tax rate > Individual > On income exceeding > US$ $100,334
Ranked 16th.
$372,950
Ranked 2nd. 4 times more than Italy

Highest marginal tax rate > Individual rate 43%
Ranked 15th. 23% more than United States
35%
Ranked 35th.

Net taxes on products > Current US$ 179.68 billion$
Ranked 5th.
809.4 billion$
Ranked 1st. 5 times more than Italy

Net taxes on products > Current US$ > Per capita 3.07 million$ per 1,000 people
Ranked 12th. 11% more than United States
2.76 million$ per 1,000 people
Ranked 16th.

Other taxes > Current LCU 27.27 billion
Ranked 23th. 14% more than United States
23.88 billion
Ranked 1st.

Revenue > Excluding grants > Current LCU 589.44 billion
Ranked 30th.
2.27 trillion
Ranked 1st. 4 times more than Italy

Tax payments > Number > Per capita 0.258 per 1 million people
Ranked 151st. 8 times more than United States
0.033 per 1 million people
Ranked 170th.

Taxes on goods and services > % value added of industry and services 9.14%
Ranked 46th. 14 times more than United States
0.67%
Ranked 84th.

Taxes on income > Profits and capital gains > % of revenue 32.52%
Ranked 13th.
55.26%
Ranked 2nd. 70% more than Italy

Total tax rate > % of profit 68.4%
Ranked 19th. 48% more than United States
46.3%
Ranked 63th.

SOURCES: OECD Revenue Statistics; Michael F. Forster, 'Trends and Driving Factors in Income Distribution and Poverty in the OECD Area', OECD Labour Market and Social Policy Occasional Paper 42; International Monetary Fund, Government Finance Statistics Yearbook and data files.; KPMG's Corporate and Indirect Tax Rate Survey 2009 (www.kpmg.com), and PricewaterhouseCoopers's Worldwide Tax Summaries Online (www.pwc.com).; KPMG's Individual Income Tax and Social Security Rate Survey 2009 (www.kpmg.com), and PricewaterhouseCoopers's Worldwide Tax Summaries Online (www.pwc.com).; World Development Indicators database; World Bank, Doing Business project (http://www.doingbusiness.org/).

Citation

"Economy > Tax: Italy and United States compared", NationMaster. Retrieved from http://www.nationmaster.com/country-info/compare/Italy/United-States/Economy/Tax

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