human
I'm a bit confused about how the US tax system works. What are the different types of taxes and how do they work?
assistant
The main taxes in the US are income taxes, payroll taxes, sales taxes, property taxes, and capital gains taxes. Income taxes are paid by individuals or businesses based on their taxable income. Payroll taxes are collected from employees to fund Social Security and Medicare. Sales taxes are imposed at the point of sale on certain goods and services. Property taxes are assessed against real estate owned by individuals or businesses. Finally, capital gains taxes are imposed when an individual sells an asset for more than what was paid for it.