The United States’ Joint Committee on Taxation (JCT) released an annual overview of the four main elements of the federal tax system on Thursday, 23 May, 2024.
The main elements include 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 programmes; estate, gift, and generation-skipping transfer taxes; and excise taxes on selected goods and services.
