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1、CONTENTSPageINTRODUCTION1I. SUMMARYOFPRESENT-LAWFEDERALTAXSYSTEM2A. IndividualIncomeTax2B. CorporateIncomeTax8C. EstateandGiftandGeneration-SkippingTransferTaxes12D. EmploymentTaxes14E. MajorExciseTaxes15II. HISTORICALRECEIPTSDATA16#INTRODUCTIThisdocument,Thisdocumentmaybecitedasfollows:JointCommitt
2、eeonTaxation,OverviewoftheFederalTaxSystemasinEffectfor2007(JCX-2-07),January12,2007.preparedbythestaffoftheJointCommitteeonTaxation,providesasummaryofthepresent-lawFederaltaxsystemasineffectfor2007.ThecurrentFederaltaxsystemhasfourmainelements:(1)anincometaxonindividualsandcorporations(whichconsist
3、sofbotha“regular”incometaxandanalternativeminimumtax);(2)payrolltaxesonwages(andcorrespondingtaxesonself-employmentincome);(3)estate,gift,andgenerationskippingtaxes,and(4)excisetaxesonselectedgoodsandservices.Thisdocumentprovidesabroadoverviewofeachoftheseelements.Ifcertainrequirementsaremet,certain
4、entitiesororganizationsareexemptfromFederalincometax.Adescriptionofsuchorganizationsisbeyondthescopeofthisdocument.AnumberofaspectsoftheFederaltaxlawsaresubjecttochangeovertime.Forexample,somedollaramountsandincomethresholdsareindexedforinflation.Thestandarddeduction,taxratebrackets,andtheannualgift
5、taxexclusionareexamplesofamountsthatareindexedforinflation.Ingeneral,theInternalRevenueServiceadjuststhesenumbersannuallyandpublishestheinflationadjustedamountsineffectforataxyearpriortothebeginningofthatyear.Whereapplicable,thisdocumentgenerallyincludesdollaramountsineffectfor2007andnoteswhetherdol
6、laramountsareindexedforinflation.Inaddition,anumberoftheprovisionsintheFederaltaxlawshavebeenenactedonatemporarybasisorhaveparametersthatvarybystatutefromyeartoyear.Forexample,therecentlyenactedTaxReliefandHealthCareActof2006extendedanumberofexpiredorsoontoexpireprovisionsonatemporarybasis.Inadditio
7、n,theprovisionsoftheEconomicGrowthandTaxReliefReconciliationActof2001wereinitiallygenerallytoexpireattheendof2010;someprovisionsofthatActhavesubsequentlybeenmodifiedormadepermanent.Forsimplicity,thisdocumentdescribestheFederaltaxlawsineffectin2007andgenerallydoesnotincludereferencestoprovisionsasthe
8、ymaybeineffectforfutureyearsortoterminationdatesforexpiringprovisions.AlistofexpiringtaxprovisionsmaybefoundinJointCommitteeonTaxation,ListofExpiringFederalTaxProvisions2006-2020,(JCX-1-07),January11,2007.I.SUMMARYOFPRESENT-LAWFEDERALTAXSYSTEMA. IndividualIncomeTaxIngeneralAUnitedStatescitizenorresi
9、dentaliengenerallyissubjecttotheU.S.individualincometaxonhisorherworldwidetaxableincome.ForeigntaxcreditsgenerallyareavailableagainstU.S.incometaximposedonforeignsourceincometotheextentofforeignincometaxespaidonthatincome.AnonresidentaliengenerallyissubjecttotheU.S.individualincometaxonlyonincomewit
10、hasufficientnexustotheUnitedStates.Taxableincomeequalsthetaxpayerstotalgrossincomelesscertainexclusions,exemptions,anddeductions.Graduatedtaxratesarethenappliedtoataxpayerstaxableincometodeterminehisorherindividualincometaxliability.Ataxpayermayfaceadditionalliabilityifthealternativeminimumtaxapplie
11、s.Ataxpayermayreducehisorherincometaxliabilitybyanyapplicabletaxcredits.AdjustedgrossincomeUndertheInternalRevenueCodeof1986(the“Code”),grossincomemeans“incomefromwhateversourcederived”exceptforcertainitemsspecificallyexemptorexcludedbystatute.Sourcesofincomeincludecompensationforservices,interest,d
12、ividends,capitalgains,rents,royalties,alimonyandseparatemaintenancepayments,annuities,incomefromlifeinsuranceandendowmentcontracts(otherthancertaindeathbenefits),pensions,grossprofitsfromatradeorbusiness,incomeinrespectofadecedent,andincomefromScorporations,partnerships,Ingeneral,partnershipsandScor
13、porationsaretreatedaspass-throughentitiesforFederalincometaxpurposes.Thus,noFederalincometaxisimposedattheentitylevel.Rather,incomeofsuchentitiesispassedthroughandtaxedtotheownersattheindividuallevel.trustsorestates.Ingeneral,estatesandmosttrustspaytaxonincomeattheentitylevel,unlesstheincomeisdistri
14、butedorrequiredtobedistributedundergoverninglaworunderthetermsofthegoverninginstrument.Suchentitiesdeterminetheirtaxliabilityusingaspecialtaxratescheduleandaresubjecttothealternativeminimumtax.Certaintrusts,however,donotpayFederalincometaxatthetrustlevel.Forexample,certaintruststhatdistributeallinco
15、mecurrentlytobeneficiariesaretreatedaspassthroughorconduitentities(similartoapartnership).Othertrustsaretreatedasbeingownedbygrantorsinwholeorinpartfortaxpurposes;insuchcases,thegrantorsaretaxedontheincomeofthetrust.Statutoryexclusionsfromgrossincomeincludedeathbenefitspayableunderalifeinsurancecont
16、ract,interestoncertainStateandlocalbonds,employer-providedhealthinsurance,employer-providedpensioncontributions,andcertainotheremployer-providedbenefits.Anindividualsadjustedgrossincome(“AGI”)isdeterminedbysubtractingcertain“above-the-line”deductionsfromgrossincome.Thesedeductionsincludetradeorbusinessexpenses,capitallosses,contributionstoatax-qualifiedretirementplanbyaself-employedindividual,contributionstoindividualretirementarrang
