The Senate Finance Committee holds a hearing today on Tax: Fundamentals in Advance of Reform. Here are the witnesses scheduled to testify:
- Daniel N. Shaviro (Wayne Perry Professor of Taxation, NYU)
- Michael Graetz (Justus S. Hotchkiss Professor of Law, Yale)
- Jason Furman (Director, The Hamilton Project, Brookings Institution)
- Robert Carroll (Vice President for Economic Policy, The Tax Foundation)
The hearing takes place at 10:00 a.m. in 215 Dirksen Senate Office Building. In connection with the hearing, the Joint Committee on Taxation has released Overview of the Federal Tax System as in Effect for 2008 (JCX-32-08):
The current Federal tax system has four main elements: (1) an income tax on individuals and corporations (which consists 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. This document provides a broad overview of each of these elements.
