<div>Honorable Kevin Brady U.S. House of Representatives 1011 Longworth HOB Washington, D.C. 20515 Dear Chairman Brady: This letter is in response to your request of November 6, 2017, for the revenue effects of the Chairman’s amendment to the Chairman’s Amendment in the Nature of a Substitute (“AINS”) to H.R. 1, the “Tax Cut and Jobs Act.” The enclosed table provides a breakout of the components of the Chairman’s amendment, estimated relative to the AINS of H.R. 1. I hope that this information is helpful to you. If we can be of further assistance in this matter, please let me know.   Sincerely, Thomas A. Barthold Enclosure:        Table #17-1 095 R2 cc:        Members of the Committee on Ways and Means Barbara Angus Kara Getz 7-NOV-17 2:08ΡΜ ESTIMATED REVENUE EFFECTS OF THE CHAIRMAN'S AMENDMENT TO THE AMENDMENT IN THE NATURE OF A SUBSTITUTE TO THE "TAX CUTS AND JOBS ACT," FOR MARKUP BY THE COMMITTED ON WAYS AND MEANS ON NOVEMBER 6, 2017 #17-1 095 R2 VERY PRELIMINARY   H.R. 1, 7-NOV-17     Fiscal Years 2018 - 2027 [Billions of Dollars]   Provision Effective 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2018-22 2018-27   Total of the AINS to H.R. 1 (JCX-47-17)..........................................................................   -114.1 -219.4 -207.3 -187.9 -172.4 -95.0 -49.9 -88.9 -121.8 -155.6 -901.1 -1,413.5   Chairman's Amendment to the AINS                             1. Procedures to reduce improper claims of earned income                             credit...........................................................                                             2. Certain income disallowed for purposes of the EITC...............................................................                                                     3.  Exclusion for dependent care assistance programs (sunset 12/31/22) [1].............................................................. 4.  Recharacterization of certain gains on property held for tyba 12/31/17 -0.5 -0.6 -0.6 -0.6 -0.7 -0.1   ... ... ... -3.0 -3.1   fewer than 3 years in the case of partnership profits interest held in connection with performance of investment services........................................................ tyba 12/31/17 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.7 1.2   5.  Treatment of qualified equity grants.............................................................. 6.  Increase threshold for tax on endowments of private [2] -0.2 -0.3 -0.2 -0.2 -0.1 -0.1 [3] [3] -0.1 -0.1 -1.0 -1.2   colleges and universities from $100,000 to $250,000 per student......................................................... tyba 12/31/17 [3] [3] [3] [3] [3] [3] [3] [3] [3] [3] -0.2 -0.4   7. Modifications to the excise tax/deemed ECI provision.......................................................... apoaa 12/31/18 — -5.3 -13.2 -16.5 -17.3 -17.5 -18.2 -19.3 -19.8 -20.4 -52.4 -147.5   8. Modifications to the foreign high returns provision.......................................................... [4] -0.6 -1.1 -1.0 -1.0 -1.0 -0.9 -1.0 -1.0 -1.0 -1.0 -4.7 -9.6   9. Eliminate adverse impact on songwriters....................................................... Da 12/31/17 [3] [3] [3] [3] [3] [3] [3] [3] [3] [3] -0.1 -0.1   Chairman's Amendment to the AINS.................................................................   -1.1 -7.1 -14.9 -18.2 -19.0 -18.5 -19.1 -20.2 -20.8 -21.4 -60.7 -160.7   NET TOTAL.......................................................................   -115.2 -226.5 -222.2 -206.1 -191.4 -113.5 -69,0 -109.1 -142.6 -177.0 -961.8 -1,574.2         Joint Committee on Taxation                             NOTE; Details may not add to totals due to rounding. The date of enactment is generally assumed to be December 1, 2017.                     [Legend and Footnotes for Table #1 7-1 095 R2 appear on the following page]                             Legend and Footnotes for Table #17-1 095 R2: Legend for "Effective" column:           apoaa = amounts paid or accrued after tyba = taxable years beginning after       Da = dispositions after tyea = taxable years ending after         DOE = date of enactment           [1] Estimate includes the following budget effects: 2018        2019        2020 2021 2022           2023           2024           2025           2026           2027 2018-22 2018-27 Total Revenue Effect.......................................................   -0.6 -0.7         -0.1 -3.0 -3.1 On-budget effects....................................................   -0.2 -0.2 -0.1 -1.0 -1.1 Off-budget effects.................................................... ...........................  -0.4...................... -0.4...................... -0.4 -0.4 -0.4            0.0 -2.0 -2.0 [2] Effective for options exercised or restricted stock units settled after December 31,2017. The penalty for failure to provide a notice is effective for failures after December 31 2017     [3] Loss of less than $50 million.           [4] Effective for taxable years of foreign corporations beginning after December 31, 2017, and to taxable years of United States shareholders in which or with which such taxable years of foreign    </div>

JCT Says Amended Tax Reform Bill Would Cut Revenue by $1.57 Trillion

JCT Says Amended Tax Reform Bill Would Cut Revenue by $1.57 Trillion

U.S. Joint Committee on Taxation

An amendment to the chair's mark of the Tax Cuts and Jobs Act would result in the bill reducing revenues from 2018 to 2027 by $1.57 trillion, according to very preliminary estimates released by the Joint Committee on Taxation on November 7.

An amendment to the chair's mark of the Tax Cuts and Jobs Act would result in the bill reducing revenues from 2018 to 2027 by $1.57 trillion, according to very preliminary estimates released by the Joint Committee on Taxation on November 7.

An <a href="/lr/resolve/source-document/1x9dg" title="Source document">amendment to the chair's mark</a> of the Tax Cuts and Jobs Act would result in the bill reducing revenues from 2018 to 2027 by $1.57 trillion, according to very preliminary estimates released by the Joint Committee on Taxation on November 7.

An amendment to the chair's mark of the Tax Cuts and Jobs Act would result in the bill reducing revenues from 2018 to 2027 by $1.57 trillion, according to very preliminary estimates released by the Joint Committee on Taxation on November 7.