H.R. 1319 Tax Provisions Would Cost $586 Billion, JCT Estimates

H.R. 1319 Tax Provisions Would Cost $586 Billion, JCT Estimates

U.S. Joint Committee on Taxation

Revenue provisions of H.R. 1319, the American Rescue Plan, as passed by the House, would cost almost $586 billion from 2021 to 2031, according to February 26 estimates (JCX-12-21) by the Joint Committee on Taxation.

Revenue provisions of H.R. 1319, the American Rescue Plan, as passed by the House, would cost almost $586 billion from 2021 to 2031, according to February 26 estimates (JCX-12-21) by the Joint Committee on Taxation.

Revenue provisions of H.R. 1319, the <a href="/lr/resolve//2r4l1">American Rescue Plan</a>, as passed by the House, would cost almost $586 billion from 2021 to 2031, according to February 26 estimates (JCX-12-21) by the Joint Committee on Taxation. Among the costliest provisions is an additional round of recovery payments of $1,400 to individuals, which would cost $422.3 billion from 2021 to 2031, and an expanded child tax credit, which would cost $109.5 billion over the same period. Modifications to the earned income tax credit would cost $25.8 billion, and expanding premium tax credit eligibility would cost $45.6 billion, according to the report.

Revenue provisions of H.R. 1319, the American Rescue Plan, as passed by the House, would cost almost $586 billion from 2021 to 2031, according to February 26 estimates (JCX-12-21) by the Joint Committee on Taxation. Among the costliest provisions is an additional round of recovery payments of $1,400 to individuals, which would cost $422.3 billion from 2021 to 2031, and an expanded child tax credit, which would cost $109.5 billion over the same period. Modifications to the earned income tax credit would cost $25.8 billion, and expanding premium tax credit eligibility would cost $45.6 billion, according to the report.