The Joint Committee on Taxation has released a report titled “Overview of the Federal Tax System as in Effect for 2024” (JCX-26-24). It breaks down the current system into four main elements: 1) an income tax on individuals, estates, trusts and corporations (which consists of both a “regular” income tax and, in certain cases, 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 transfer taxes; and 4) excise taxes on selected goods and services. The report provides a broad overview of each category. To download the report: https://bit.ly/45jgiu6
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