Deloitte
Tax  |  July 15, 2022
Global InSight
Tax News & Views
Capitol Hill briefing.
 

Print Facebook Twitter Linkedin

JCT releases federal tax system overview

The Joint Committee on Taxation (JCT) staff released a new report late last month describing the operation of the federal tax system as in effect for 2022.

 

The JCT report takes a broad look at the various elements of federal tax law, including individual and corporate income taxes, estate and gift taxes, payroll taxes, social insurance taxes, and certain excise taxes. It does not describe provisions as they may be in effect for future years nor does it discuss the scheduled termination of various temporary provisions in the tax code, such as those affecting individuals, estates, and passthrough businesses that were enacted in the Tax Cuts and Jobs Act of 2017 (P.L. 115-97) and are scheduled to expire after 2025.

 

The report also includes a variety of historical tables and projections on topics such as distribution of income and taxes, distribution of selected itemized deductions, income sources for individual taxpayers, business returns by type, federal receipts by source, and the Social Security taxable wage base and rates of tax.

 

—

Michael DeHoff

Tax Policy Group

Deloitte Tax LLP

 



Back to top

 
In this issue

Prospects for Senate deal on ‘Build Back Better’ upended as Manchin rejects tax hikes, climate change proposals

Hungary faces international backlash after pulling support for global minimum tax pact

House taxwriters offer conflicting policy prescriptions for bringing down housing costs

JCT releases federal tax system overview



Helpful resources

New Episodes: Tax News & Views Podcast

Visit Deloitte.com

Tax News & Views archive

Read IRS Insights

Read U.S. Inbound Corner

Read Accounting for Income Taxes

Join Dbriefs

Follow us on Twitter

Get the Tax@hand mobile app



Have a question?

If you have needs specifically related to this newsletter's content, send us an email to have a Deloitte Tax professional contact you.
 

Deloitte.com  | Manage email preferences  |  Legal  |  Privacy

30 Rockefeller Plaza
New York, NY 10112-0015
United States

About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.

Copyright © 2022 Deloitte Development LLC. All rights reserved.
36 USC 220506



Facebook Twitter Linkedin Google Plus Email