us e conomy facts about state budget, taxes etc. f acts gdp approx 15 trillion (2011) gdp per capita...
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US ECONOMYFacts about state budget, taxes etc
FACTS
GDP approx 15 trillion (2011)GDP per capita 46, 844 , 7th in
the worldInflation 3,9% (2011)Population below poverty 15 %Unemployment rate 9% (2011)
MAIN INDUSTRIES
petroleum, steel, motor vehicles aerospace, telecommunications Chemicals creative industries electronics food processing, consumer goods lumber, mining Defense biomedical research and health care services computers and robotics
EXPORTS – 1,280 TRILLION USD (2010)
Goods:agricultural products (soybeans, fruit, corn) 9.2%,industrial supplies (organic chemicals) 26.8%capital goods (transistors, aircraft, motor vehicle parts, computers, telecommunications equipment) 49.0%consumer goods (automobiles, medicines) 15.0% (2009)
PARTNERS
Canada 13.2%; Mexico, 8.3%; China, 4.3%; Japan, 3.3%(2009)
IMPORT – 1,948 TRILLION USD (2010)
Goods: agricultural products 4.9%industrial supplies 32.9% (crude oil 8.2%)capital goods 30.4% (computers, telecommunications equipment, motor vehicle parts, office machines, electric power machinery)consumer goods 31.8% (automobiles, clothing, medicines, furniture, toys) (2009)
PARTNERS
China, 15.4%; Canada, 11.6%; Mexico, 9.1%; Japan, 4.9%; Germany, 3.7%(2009)
Largest trading country in the world As of 2010 – EU largest trading partner
of US Canada, China and Mexico –largest
individual trading nations One of the largest and most influential
financial markets Worlds largest economy since 1870s
MIXED ECONOMY –STABLE GROWTH
-stable overall GDP growth rate-low unemployment rate-high levels of research and
capital investment
Public debt 14,972 trillion USD (99,7% of GDP)
Revenues 2,302 trillion Expenses 3,601 trillion (2011)
Credit rating Moody´s AAA Fitch AAA Standard & Poor´s AA+ (AAA)
REASONS BEHIND US ECONOMIC GROWTH
a large unified market a supportive political-legal system vast areas of highly productive farmlands vast natural resources (especially timber,
coal and oil) a cultural landscape that valued
entrepreneurship a commitment to investing in material and
human capital a willingness to exploit labor
ECONOMIC FREEDOM
A central feature of the U.S. economy is the economic freedom afforded to the private sector
Economic decisions - the direction and scale of what the U.S. economy produces
Relatively low levels of regulation and government involvement
A court system that generally protects property rights and enforces contracts
ENTREPERNEURSHIP
29.6 million small businesses30% of the world's millionaires40% of the world's billionairesas well as 139 of the world's 500
largest companies
VALUABLE INVESTMENTS IN SCIENCE AND INNOVATION
Airplanes Internet, email, cellphone Microchip, laser refrigerator, microwave, air
conditioning LCD and LED technology assembly line supermarket, bar code electric motor ATM
EMPLOYMENT
Approx 154.4 million employed individuals US. Government - largest employment sector
with 22 million Largest employer - small businesses (SMBs),
representing 53% of workers 2nd largest - large businesses, they employ a
total of 38% of the US workforce A total of 91% of Americans are employed by
the Government accounts for 8% of all US workers Over 99% of all employing organizations in the
US are small businesses
LABOUR FORCE AND UNEMPLOYMENT
Former immigrants, former slaves and their descendants make up the majority of labour force in US
Unemployment rate is officially 9%, unoff 17 %
Among youth 18,5% Among african-american young males
34,5% In Detroit 30% (after GM was closed)
SECTORS / INDUSTRIES
RETAIL – the major sector, leading US economy (Walmart, McDonalds, Amazon.com)
ENERGY – US is the 2nd largest energy consumer in the world
- fossil fuels: 40% petroleum, 23% coal, 23% natural gas
- nuclear 8,4% and renewable energy 6,8%
US is nr 1 oil importer - 70% reliant on foreign oil
SECTORS / INDUSTRIES
MANUFACTURING - worlds largest manufacturer – greater than Germany, France, India and Brazil combined.
Leads airplane manufacturing. Main industries include petroleum,
steel, automobiles, construction machinery, aerospace, agricultural machinery, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, and mining.
SECTORS / INDUSTRIES
AGRICULTURE - US controles 50% of worlds grain exports
INTERNATIONAL TRADE – leading importer
FINANCE – New York Stock Exchange is 3x larger than nay other stock exchange in the world (NASDAQ is nr 3)
Trade deficit in 2010 was 635 billion USD.
REGULATIONSRegulations to control prices (price fluctuations):1.State-regulated monopolies (set price levels)2.Antitrust law – prohibiting merges that limit competition3.Bank regulations – 2 levels, state and government level 4.Control over private companies (for health and safety purposes)- ex Food and Drug Administration
TAXES
Taxes involve payments to at least 4 different levels of government:federal governmentState governmentsLocal governmentsCounties, municipalities, townships
The average marginal tax rate is about 40% of income.
FEDERAL TAXATION
Income tax 10-35/15-35% Payroll tax (social insurance
2x(6,2/1,45%) Alternative minimum tax (AMT) 26-
28% Estate tax Excise duty Gift tax Corporate tax Capital gains tax
STATE AND LOCAL TAXES
State income tax Sales tax (not VAT) 1-10% Use tax Property tax Land value tax
All taxation rules vary widely by jurisdiction.
the federal personal income tax is progressive - a higher marginal tax rate is applied to higher ranges of income
The federal payroll tax is a flat tax – for Social Security and Medicare
3 tax administrations on fereral level: Alcohol and Tobacco Tax and Trade
Bureau (TTB) Internal Revenue Service (IRS) U.S. Customs and Border Patrol
STATE BUDGET