JCT Releases Estimates for Updated Budget Reconciliation Plan

JCT Releases Estimates for Updated Budget Reconciliation Plan

U.S. Joint Committee on Taxation

The Joint Committee on Taxation, in a document dated November 4, provided budget estimates for the revenue provisions of Title XIII of the House’s updated budget reconciliation plan, the Build Back Better Act (H.R. 5376).  

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The Joint Committee on Taxation, in a document dated November 4, provided budget estimates for the revenue provisions of Title XIII of the House’s updated budget reconciliation plan, the Build Back Better Act (H.R. 5376).

The Joint Committee on Taxation, in a document dated November 4, provided budget estimates for the revenue provisions of Title XIII of the House’s updated budget reconciliation plan, the Build Back Better Act (<a href="/lr/resolve//7ckrc">H.R. 5376</a>). The JCT report covers fiscal 2022-2031, and among the provisions it examines are expanding the child tax credit; providing investments for clean energy, healthcare, housing, and infrastructure; and installing a 15 percent corporate minimum tax and a 3 percent surtax on incomes above $25 million. The cost for subtitle E, relating to infrastructure and community development, would be $29 billion over the 10-year period; subtitle F, for green energy investment, would cost $300.5 billion; subtitle G, the social safety net, would cost $202.4 billion; and subtitle H, the corporate and high-income tax reform provisions, would generate $1.5 trillion.  In all, subtitles E, F, G, and H of the reconciliation plan are estimated to cost $120 billion in fiscal 2022 and generate $188 billion in 2031, according to the JCT. A five-year estimated net total, between fiscal 2022-2026, is estimated to cost $14.2 billion.

The Joint Committee on Taxation, in a document dated November 4, provided budget estimates for the revenue provisions of Title XIII of the House’s updated budget reconciliation plan, the Build Back Better Act (H.R. 5376). The JCT report covers fiscal 2022-2031, and among the provisions it examines are expanding the child tax credit; providing investments for clean energy, healthcare, housing, and infrastructure; and installing a 15 percent corporate minimum tax and a 3 percent surtax on incomes above $25 million. The cost for subtitle E, relating to infrastructure and community development, would be $29 billion over the 10-year period; subtitle F, for green energy investment, would cost $300.5 billion; subtitle G, the social safety net, would cost $202.4 billion; and subtitle H, the corporate and high-income tax reform provisions, would generate $1.5 trillion.  In all, subtitles E, F, G, and H of the reconciliation plan are estimated to cost $120 billion in fiscal 2022 and generate $188 billion in 2031, according to the JCT. A five-year estimated net total, between fiscal 2022-2026, is estimated to cost $14.2 billion.