CRS Report Analyzes 2017 Federal Tax System In Anticipation of Tax Bill Changes

The Congressional Research Service (CRS) published Report 7-5700 on December 26, 2017, which provides an overview of the federal tax system as in effect through 2017. The report notes that the new tax bill, H.R. 1, will generate broad changes for individuals (personal exemptions; standard deduction) and businesses (different tax rate for pass-through business income; territorial tax system) alike. The report also explains and provides analysis regarding the 2017 individual income tax, corporate income tax and other taxes, including those on insurance, retirement and estates. Additionally, the report covers the impact of taxes on the economy and other related statistics.

Read More:  The Federal Tax System for the 2017 Tax Year (Congressional Research Service Report 7-5700)

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