JCT Publishes Tables on New Federal Tax System

JCT Publishes Tables on New Federal Tax System

U.S. Joint Committee on Taxation

In an April 24 revised report (JCX-32R-18), the Joint Committee on Taxation provided tables related to the federal tax system for 2017 through 2026, including tables on the distribution of average effective marginal tax rates on wages and salaries and the distribution of tax benefits for the new passthrough deduction, mortgage interest deduction, and state and local tax deduction.

On April 24 the Joint Committee on Taxation issued a revised version of the report (JCX-32R-18), correcting an error in tables 4 and 5.

In an April 24 revised report (JCX-32R-18), the Joint Committee on Taxation provided tables related to the federal tax system for 2017 through 2026, including tables on the distribution of average effective marginal tax rates on wages and salaries and the distribution of tax benefits for the new passthrough deduction, mortgage interest deduction, and state and local tax deduction.

In an April 24 revised report (JCX-32R-18), the Joint Committee on Taxation provided tables related to the federal tax system for 2017 through 2026, including tables on the distribution of average effective marginal tax rates on wages and salaries and the distribution of tax benefits for the new passthrough deduction, mortgage interest deduction, and state and local tax deduction. The report supplements the February JCT overview (<a href="/lr/resolve/source-document/26vxr" title="Source document">JCX-3-18</a>) of the federal tax system with estimates using the Congressional Budget Office's <a href="/lr/resolve/source-document/27ydj" title="Source document">April 9 baseline projections</a>. The reports will be used for reference at a scheduled April 24 Senate Finance Committee hearing on the effects of the 2017 tax law (<a href="/lr/resolve/source-document/1xftl" title="Source document">P.L. 115-97</a>).

In an April 24 revised report (JCX-32R-18), the Joint Committee on Taxation provided tables related to the federal tax system for 2017 through 2026, including tables on the distribution of average effective marginal tax rates on wages and salaries and the distribution of tax benefits for the new passthrough deduction, mortgage interest deduction, and state and local tax deduction. The report supplements the February JCT overview (JCX-3-18) of the federal tax system with estimates using the Congressional Budget Office's April 9 baseline projections. The reports will be used for reference at a scheduled April 24 Senate Finance Committee hearing on the effects of the 2017 tax law (P.L. 115-97). 