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Unit 3&4 Micro - Assignment Example

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When talking about taxes levied on products known as sales tax, there are various sources that can levy tax other than state governments such as cities, counties, and district governments. Although the amount vary from one state to other and one locality to the other, it is…
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Unit 3&4 Micro
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Unit 3&4 Micro

Download file to see previous pages... The lowest sales tax in the US is 4.5% in Hawaii and Portland, Oregon, while Anchorage in Alaska does not have any kind of sales tax. What this shows is the rest of the country could pay between 4.5 and 10% showing that sales tax is only part the overall tax structure where, for example, states such as Washington has a sales tax, but it does not have income tax. The table in the appendix shows what kind of sales tax Americans living in the various states are paying showing that the average tax rate could approach 8% and could be considered high (Tax Foundation, 2012).
Another indicator to look at might be the US had $558 billion trade deficit with the outside world in 2011 showing that the nation is importing more than it is exporting that reveals there could be foreign made goods flooding the US market. The deficit with China alone accused of flooding the US market with goods made using cheap labor was at $295.5 billion in 1911.
Other sign that Americans are buying more foreign made goods is the manufacturing jobs in the US are disappearing where in 10 years alone 5 million manufacturing jobs might have disappeared. The trade imbalance the US had that was 7 times more than any other nation shows that the American consumers are buying foreign goods more than any other nation. Buying foreign goods hits hard on the local manufacturing where in the US alone, on average 15 manufacturing facilities were closing everyday for the last ten years showing that imported goods had replaced goods produced by such manufacturers. The outcome of heavily relying on foreign made goods had been that at least more than 41% of working age Americans do not have decent jobs, while the majority of new created jobs are low-tech and low-paying. When looking at figures like this it is possible to say that there are many imported goods in the US economy, to the point ...Download file to see next pagesRead More
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