JCT Estimates Senate-Passed Tax Reform Would Cost $1.45 Trillion

U.S. Joint Committee on Taxation

The Tax Cuts and Jobs Act, as passed by the Senate, would reduce revenue by $1.45 trillion from 2018 to 2027, according to estimates released by the Joint Committee on Taxation on December 6.

The Tax Cuts and Jobs Act, as passed by the Senate, would reduce revenue by $1.45 trillion from 2018 to 2027, according to estimates released by the Joint Committee on Taxation on December 6.

The Tax Cuts and Jobs Act, as passed by the Senate, would reduce revenue by $1.45 trillion from 2018 to 2027, according to estimates (JCX-63-17)  released by the Joint Committee on Taxation on December 6. Individual tax reform provisions, covering provisions regarding rates, deductions, and exemptions; business income of individuals; child credit reform; and various other simplification measures would cost $1.02 trillion, according to the report. Business tax reform provisions, including those regarding tax rates, small businesses, cost recovery, deductions, accounting methods, credits, financial instruments, compensation, insurance, exempt groups, and savings, among others, would cost $687.2 billion. International tax reform, such as provisions regarding subpart F and base erosion, among others, would raise $261.8 billion, the JCT said.

The Tax Cuts and Jobs Act, as passed by the Senate, would reduce revenue by $1.45 trillion from 2018 to 2027, according to estimates (JCX-63-17)  released by the Joint Committee on Taxation on December 6. Individual tax reform provisions, covering provisions regarding rates, deductions, and exemptions; business income of individuals; child credit reform; and various other simplification measures would cost $1.02 trillion, according to the report. Business tax reform provisions, including those regarding tax rates, small businesses, cost recovery, deductions, accounting methods, credits, financial instruments, compensation, insurance, exempt groups, and savings, among others, would cost $687.2 billion. International tax reform, such as provisions regarding subpart F and base erosion, among others, would raise $261.8 billion, the JCT said.