What do you know about US tax?

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US tax system includes federal, state, and local taxes, with various types such as income, sales, and property taxes.

The federal income tax is progressive, meaning rates increase with income levels. For example, 10% for low earners and up to 37% for high earners.
State taxes vary widely; some states have no income tax (like Texas), while others have high rates (like California).
Sales tax is imposed on the sale of goods and services, with rates differing by state and locality. For instance, New York has a state sales tax of 4% plus local taxes.
Property taxes are typically levied by local governments based on the assessed value of real estate, funding schools and public services.
Tax deductions and credits can significantly reduce tax liability. For example, the mortgage interest deduction allows homeowners to deduct interest paid on their mortgage.

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