Joint Committee on Taxation: Overview of the Federal Tax System

JULY 2, 2022 ~ NICHOLAS CHUCKAS

The Joint Committee on Taxation issued an overview of the Federal Tax System as in effect for 2022 on June 28th. The summary is as follows:

The current Federal tax system has four main elements: (1) 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); (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 staff of the Joint Committee on Taxation provides its annual overview of each of these elements as in effect for 2022.

To read the full report, click: “JCX-14-22”

Posted by Nicholas Chuckas, Associate Editor, Wealth Strategies Journal