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Table Analytical Perspectives, Budget of the United States Government, Fiscal Year Tax –“Estimates of Total Income Tax Expenditures for Fiscal Years Table of Contents. Table A. “Selected Income and Tax Items for Selected Years (in Current and Constant Dollars),” Tax Year ; Individual Income Tax Returns. This report describes the federal tax structure, provides some statistics on the tax system as a whole, and presents analysis of selected tax concepts. governing the determination of taxable income and taxes owed TCJA raised the stand deduction but also set the personal exemption amount, which would have been $4, in, to zero. Introduction. The federal income tax is Introduction to taxation William D. Popkin, Walter D. Foskett Professor Emeritus of Law, Indiana University Maurer School of LawISBNIncome tax TaxEDU Statistics of Income. The federal income tax is levied on an individual’s taxable income, which is adjusted gross income (AGI) less deductions and exemptions AN INTRODUCTION TO TAXESIndividuals are assessed federal income taxes only if their income exceeds their allowable deductions (including personal and dependency exemptions plus their standard or itemized deductions). ChapterThe Essential Structure of the Income Tax. ChapterConsumption Taxation and Our Hybrid Income/Consumption. Unit I: The Core Structures of Income and Consumption Taxation and Tax Policy. The loss of personal exemptions offset some of the gain from higher standard This report describes the federal tax structure, provides some statistics on the tax system as a whole, and presents analysis of selected tax concepts. ChapterEthical Debates, Economic Theories, and Real-World The State of State (and Local) Tax PolicyKey Elements of the U.S. Tax System What is the standard deduction?