JCT overview of federal tax system (2022)
Annual overview of the four main elements of the federal tax system
Annual overview of the four main elements of the federal tax system
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, 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-14-22 (June 28, 2022)
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.