The U.S. Joint Committee on Taxation has published an Overview Of The Federal Tax System As In Effect For 2018. The document includes a high-level summary of the present-law federal tax system for:
- Individual income tax;
- Corporate income tax;
- Estate, gift, and generation-skipping transfer taxes;
- Social insurance taxes; and
- Major excise taxes.
With respect to corporate income tax, the summary covers taxable income, including new rules on global intangible low-taxed income (GILTI); tax liab…