JCT overview of federal tax system (2024)

Annual overview of the four main elements of the federal tax system

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May 23, 2024

The staff of the Joint Committee on Taxation (JCT) today released an annual overview of the four main elements of the federal tax system:

  • An income tax on individuals, estates, trusts, and corporations (which consists of both a “regular” income tax and, in the case of individuals and certain large corporations, an alternative minimum tax)
  • Payroll taxes on wages (and corresponding taxes on self-employment income) to finance certain social insurance programs
  • Estate, gift, and generation-skipping transfer taxes
  • Excise taxes on selected goods and services

Read the JCT report: JCX-26-24 (May 23, 2024)

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