The Joint Committee on Taxation (JCT) today issued its annual overview of the federal tax system. 

​The report explains that it provides a broad overview of the federal tax system's four main elements:

• An 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; and
• Excise taxes on selected goods and services. 

The JCT report covers the tax provisions of the recently enacted Families First Coronavirus Response Act (P.L. 116-127) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). Previously issued JCT reports on these two bills are respectively posted here and here. 

The 39-page text of the JCT overview issued today is posted here.

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