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JCT summary of current federal tax system (2020)

JCT summary of current federal tax system (2020)

The staff of the Joint Committee on Taxation (JCT) today released a summary of the present-law federal tax system as in effect for 2020.


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The JCT document— Overview of the Federal Tax System as in Effect for 2020—provides “a broad overview” of the four main elements of the current federal tax system:

  • Income tax on individuals and corporations (which consists of both a “regular” income tax and, in the case of individuals, 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 document: JCX-14-20

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