JCT Issues Preliminary Estimates for Build Back Better Act

JCT Issues Preliminary Estimates for Build Back Better Act

U.S. Joint Committee on Taxation

In an unpublished document dated December 20, 2021, the Joint Committee on Taxation released very preliminary estimated budgetary effects of revenue provisions in the Build Back Better Act (H.R. 5376).

In an unpublished document dated December 20, 2021, the Joint Committee on Taxation released very preliminary estimated budgetary effects of revenue provisions in the Build Back Better Act (H.R. 5376).

In an unpublished document dated December 20, 2021, the Joint Committee on Taxation released very  preliminary estimated budgetary effects of revenue provisions in the Build Back Better Act (<a href="/lr/resolve//7ckrc">H.R. 5376</a>). Overall, the revenue provisions are estimated to raise $886 billion over a 10-year period, and $184 billion over a five-year period. For provisions related to infrastructure and community development, the total cost between fiscal 2022 and 2031 is estimated to be approximately $29 billion. For provisions related to green energy, the JCT estimated the cost to be approximately $325 billion over 10 years. Social safety net provisions would cost approximately $204 billion.  Corporate and high-income tax reform is estimated to raise $1.44 trillion over 10 years. Reforming drug pricing has no estimated revenue effects, according to the JCT.

In an unpublished document dated December 20, 2021, the Joint Committee on Taxation released very  preliminary estimated budgetary effects of revenue provisions in the Build Back Better Act (H.R. 5376). Overall, the revenue provisions are estimated to raise $886 billion over a 10-year period, and $184 billion over a five-year period. For provisions related to infrastructure and community development, the total cost between fiscal 2022 and 2031 is estimated to be approximately $29 billion. For provisions related to green energy, the JCT estimated the cost to be approximately $325 billion over 10 years. Social safety net provisions would cost approximately $204 billion.  Corporate and high-income tax reform is estimated to raise $1.44 trillion over 10 years. Reforming drug pricing has no estimated revenue effects, according to the JCT.   