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Present Law And Background Information On Federal Excise Taxes

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JCS-1-11 (January 19, 2011) – Present Law And Background Information On Federal Excise Taxes

  • “The Internal Revenue Code (the “Code”) imposes numerous excise taxes on goods and services.1 In addition to excise taxes the primary purpose of which is revenue production, excise taxes also are imposed to promote adherence to other policies (e.g., penalty excise taxes). Many trust funds established by the Federal Government are financed with dedicated excise tax receipts. This document 2 provides a description of present-law Federal excise taxes, and when applicable, background information on trust funds financed with excise tax revenues.”
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