JCT: Conference Agreement on H.R. 1 Would Cost $1.46 Trillion

JCT: Conference Agreement on H.R. 1 Would Cost $1.46 Trillion

U.S. Joint Committee on Taxation

The conference report on the Tax Cuts and Jobs Act (H.R. 1) would reduce federal revenue by $1.46 trillion from 2018 to 2027, according to estimates released December 18 by the Joint Committee on Taxation.

The conference report on the Tax Cuts and Jobs Act (H.R. 1) would reduce federal revenue by $1.46 trillion from 2018 to 2027, according to estimates released December 18 by the Joint Committee on Taxation.

The conference report on the Tax Cuts and Jobs Act (H.R. 1) would reduce federal revenue by $1.46 trillion from 2018 to 2027, according to estimates (JCX-67-17) released December 18 by the Joint Committee on Taxation. Individual tax reform provisions — including rates, deductions, and exemptions; business income of individuals; child tax credit reform; retirement savings provisions; elimination of the Affordable Care Act’s individual mandate; and various other simplification measures — would cost $1.13 trillion, according to the report. Business tax reform provisions — including those regarding tax rates, section 179 expensing and simplified accounting for small businesses, cost recovery, deductions, accounting methods, credits, financial instruments, partnerships, insurance, and exempt groups, among others — would cost $653.8 billion, it said. International tax reform, which includes provisions regarding subpart F and base erosion, among others, would raise $324.4 billion, the JCT said.

The conference report on the Tax Cuts and Jobs Act (H.R. 1) would reduce federal revenue by $1.46 trillion from 2018 to 2027, according to estimates (JCX-67-17) released December 18 by the Joint Committee on Taxation. Individual tax reform provisions — including rates, deductions, and exemptions; business income of individuals; child tax credit reform; retirement savings provisions; elimination of the Affordable Care Act’s individual mandate; and various other simplification measures — would cost $1.13 trillion, according to the report. Business tax reform provisions — including those regarding tax rates, section 179 expensing and simplified accounting for small businesses, cost recovery, deductions, accounting methods, credits, financial instruments, partnerships, insurance, and exempt groups, among others — would cost $653.8 billion, it said. International tax reform, which includes provisions regarding subpart F and base erosion, among others, would raise $324.4 billion, the JCT said.