TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Thursday, March 16, 2017

Joint Tax Committee:  Overview Of The Federal Tax System

Joint Committee on Taxation, Overview Of The Federal Tax System As In Effect For 2017 (JCX-17-17) (March 15, 2017):

This document ... provides a summary of the present-law Federal tax system as in effect for 2017. The current Federal tax system has four main elements: (1) an income tax on individuals and corporations (which consists of both a “regular” income tax and an alternative minimum tax);  (2) payroll taxes on wages (and corresponding taxes on self-employment income) to finance certain social insurance programs; (3) estate, gift, and generation-skipping taxes, and (4) excise taxes on selected goods and services. This document provides a broad overview of each of these elements.

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