Present Law And Historical Overview Of The Federal Tax System, Scheduled for a Public Hearing Before the Committee on Ways and Means on January 20, 2011, Prepared by the Staff of the Joint Committee on Taxation, January 18, 2011, JCX-1-11 (January 18, 2011)
Taxation, provides a summary of the Federal tax system, briefly describes its historical development over the period of time beginning in 1975, and provides an appendix of selected historical data on Federal tax rates, Federal tax receipts, components of adjusted gross income, and other features of the Federal tax system.
The current Federal tax system has four main elements: (1) an income tax on individuals and corporations (which consist of both a regular income tax and an alternative minimum tax); (2) payroll taxes on wages (and corresponding taxes on self-employment income); (3) estate, gift, and generation-skipping transfer taxes, and (4) excise taxes on selected goods and services.”
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