Paul L. Caron
Dean


Wednesday, May 11, 2016

Joint Tax Committee:  Overview Of The Federal Tax System

The Joint Committee on Taxation has released Overview Of The Federal Tax System As In Effect For 2016 (JCX-43-16):

This document ... provides a summary of the present-law Federal tax system as in effect for 2016. 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.

Joint Tax 1

Joint Tax 2

https://taxprof.typepad.com/taxprof_blog/2016/05/joint-tax-committeeoverview-of-the-federal-tax-system.html

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