Reaganomics, or Reaganism, were the neoliberal economic policies promoted by U.S. President Ronald Reagan during the 1980s. These policies are characterized as supply-side economics, trickle-down economics, or "voodoo economics" by opponents, while Reagan and his advocates preferred to call it free-market economics.
The United States is a highly developed/advanced market economy. It is the world's largest economy by nominal GDP, and the second-largest by purchasing power parity (PPP) behind China. It has the world's seventh-highest per capita GDP (nominal) and the eighth-highest per capita GDP (PPP) as of 2022. The U.S. accounted for 25.4% of the global economy in 2022 in nominal terms, and around 15.6% in PPP terms. The U.S. dollar is the currency of record most used in international transactions and is the world's reserve currency, backed by a large U.S. treasuries market, its role as the reference standard for the petrodollar system, and its linked eurodollar. Several countries use it as their official currency and in others it is the de facto currency.
The United States had an official estimated resident population of 333,287,557 on July 1, 2022, according to the U.S. Census Bureau. This figure includes the 50 states and the District of Columbia but excludes the population of five unincorporated U.S. territories as well as several minor island possessions. The United States is the third most populous country in the world. The Census Bureau showed a population increase of 0.4% for the twelve-month period ending in July 2022, below the world average annual rate of 0.9%. The total fertility rate in the United States estimated for 2022 is 1.665 children per woman, which is below the replacement fertility rate of approximately 2.1.
Bayview is a town in Cameron County, Texas, United States. The population was 383 at the 2010 census. It is part of the Brownsville–Harlingen–Raymondville and the Matamoros–Brownsville metropolitan areas.
New London is a city in Rusk County, Texas, United States. The population was 958 at the 2020 census.
An individual retirement account (IRA) in the United States is a form of pension provided by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income for the taxpayer's eventual benefit in old age. An individual retirement account is a type of individual retirement arrangement as described in IRS Publication 590, Individual Retirement Arrangements (IRAs). Other arrangements include employer-established benefit trusts and individual retirement annuities, by which a taxpayer purchases an annuity contract or an endowment contract from a life insurance company.
White Americans are Americans who identify as white people. This group constitutes the majority of the people in the United States. According to the 2020 census, 71%, or 235,411,507 people, were White alone or in combination, and 61.6%, or 204,277,273 people, were White alone. This represented a national white demographic decline from a 72.4% white alone share of the U.S. population in 2010.
The United States federal government and most state governments impose an income tax. They are determined by applying a tax rate, which may increase as income increases, to taxable income, which is the total income less allowable deductions. Income is broadly defined. Individuals and corporations are directly taxable, and estates and trusts may be taxable on undistributed income. Partnerships are not taxed, but their partners are taxed on their shares of partnership income. Residents and citizens are taxed on worldwide income, while nonresidents are taxed only on income within the jurisdiction. Several types of credits reduce tax, and some types of credits may exceed tax before credits. An Alternative Minimum Tax (AMT) applies at the federal and some state levels.
State tax levels indicate both the tax burden and the services a state can afford to provide residents.
Household income is an economic standard that can be applied to one household, or aggregated across a large group such as a county, city, or the whole country. It is commonly used by the United States government and private institutions to describe a household's economic status or to track economic trends in the US.
The homeownership rate in the United States is the percentage of homes that are owned by their occupants. In 2009, it remained similar to that in some other post-industrial nations with 67.4% of all occupied housing units being occupied by the unit's owner. Homeownership rates vary depending on demographic characteristics of households such as ethnicity, race, type of household as well as location and type of settlement. In 2018, homeownership dropped to a lower rate than it was in 1994, with a rate of 64.2%.
Personal income is an individual's total earnings from wages, investment interest, and other sources. The Bureau of Labor Statistics reported a median weekly personal income of $1,037 for full-time workers in the United States in Q1 2022. For the year 2020, the U.S. Census Bureau estimates that the median annual earnings for all workers was $41,535; and more specifically estimates that median annual earnings for those who worked full-time, year round, was $56,287.
Affluence refers to an individual's or household's economical and financial advantage in comparison to others. It may be assessed through either income or wealth.
The terms average Joe, ordinary Joe, Joe Sixpack, Joe Lunchbucket, Joe Snuffy, Joe Blow, Joe Schmoe and ordinary Jane, average Jane, and plain Jane are used primarily in North America to refer to a completely average person, typically an average American. It can be used both to give the image of a hypothetical "completely average person" or to describe an existing person. Parallel terms in other languages for local equivalents exist worldwide.
A rate schedule is a chart that helps United States taxpayers determine their federal income tax for a particular year. Another name for "rate schedule" is "rate table".
The economy of the Commonwealth of Virginia is well balanced with diverse sources of income. From the Hampton Roads area to Richmond and down to Lee County in the southwest includes military installations, cattle, tobacco and peanut farming in Southside Virginia. Tomatoes recently surpassed soy as the most profitable crop in Virginia. Tobacco, peanuts and hay are also important agricultural products from the commonwealth. Wineries and vineyards in the Northern Neck and along the Blue Ridge Mountains also have become increasingly popular. Northern Virginia hosts software, communications, consulting, defense contracting, diplomats, and considerable components of the professional government sector. As of the 2000 census, Virginia had the highest number of counties and independent cities (15) in the top 100 wealthiest jurisdictions in the United States based upon median income, in addition, Virginia tied with Colorado as having the most counties (10) in the top 100 based on per capita income. Loudoun and Fairfax counties in Northern Virginia have the highest and second highest median household income, respectively, of all counties in the United States as of 2017.
The inequality of wealth has substantially increased in the United States in recent decades. Wealth commonly includes the values of any homes, automobiles, personal valuables, businesses, savings, and investments, as well as any associated debts.
This is a table of the total federal tax revenue by state, federal district, and territory collected by the U.S. Internal Revenue Service.
In the United States, poverty has both social and political implications. In 2020, there were 37.2 million people in poverty. Some of the many causes include income inequality, inflation, unemployment, debt traps and poor education. The majority of adults living in poverty are employed and have at least a high school education. Although the US is a relatively wealthy country by international standards, it has a persistently high poverty rate compared to other developed countries due in part to a less generous welfare system.
