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USA

Economy

The US has the strongest economy in the world evident in its economic growth, low inflation, low unemployment, gross domestic product and high salaries. US income tax is also considerably lower than the rest of the Western world. Since September 11, 2001, a weakened economy has provided a challenge for national policymakers.

The Jobs and Growth Act of 2003
President Bush signed the Jobs and Growth Act of 2003 on May 28, 2003 and has called "a victory for American workers, families, investors, entrepreneurs and small businesses".
Under the new legislation:
· 91 million taxpayers will receive, on average, a tax cut of $1,126
· 45 million married couples will receive average tax cuts of $1,786.
· 34 million families with children will benefit from an average tax cut of $1,549.
· 23 million small business owners will receive tax cuts averaging $2,209.
· 3 million individuals and families will have their income tax completely eliminated

Employment: A minimum wage and overtime pay of one and a half times the regular rate of pay (after 40 hours work per week) exists for salaries based on hours worked. There is no requirement of severance pay, sick leave, or vacations. The professional employment market is very competitive, and employees generally work very long hours in the bigger cities.
Personal Tax rate: Personal income tax is levied at a progressive tax rate. The maximum income rate is levied at 35%.
Cost of living
The US Department of Agriculture has noted the geographic variations in the cost of living, specifically the child-rearing costs. Expenses are highest for families living in the urban West, followed by the urban Northeast and urban South. Families living in the urban Midwest and rural areas have the lowest living costs. The Department estimates that for middle-income, two-parent families, expenses ranges from $8,450 to $9,530 per year, per child depending on the age of the child and the geographical location. Household cost for 2 adults and 2 children is approximately $50,000 per year including mortgage payments.

* figures are approximate, in US dollars at August 2006

USA