JCT | Tax Policy Center

The 2019 Tax Act Was A Modest Step In The Wrong Direction

In the face of a looming shutdown of the federal government last week, Congress passed, and the president signed, legislation providing funding through September 30,...

December 23, 2019Safia Sayed Steven M. Rosenthal

Federal Budget and Economy: TaxVox

Revisions To Revenue Projections Suggest That The TCJA Cost More Than Expected

Last week the Congressional Budget Office (CBO) released a letter that reviewed how its revenue forecasts have declined over the past two years. While we...

November 5, 2019Benjamin R. Page

Federal Budget and Economy: TaxVox

CBO Thinks The TCJA Will Cost $433 Billion More Than Last December’s Estimate. What Happened?

In its April fiscal update , the Congressional Budget Office estimated that the Tax Cuts and Jobs Act (TCJA) would increase the federal debt by...

April 30, 2018Benjamin R. Page

: TaxVox

Most Taxpayers’ Benefits Come Mainly from the TCJA’s Individual Provisions, But the Rich Get Much of Their Tax Cuts from Corporate Changes

The Tax Cuts and Jobs Act (TCJA) affects the after-tax income of households in two ways: directly through the individual income tax and indirectly through...

February 19, 2018Benjamin R. Page

: TaxVox

The TCJA Will Create More Complexity For Taxpayers Than It Claims

Among the most complex provisions of the Tax Cuts and Jobs Act (TCJA) is its special tax deduction for income earned by pass-through businesses. In...

January 5, 2018C. Eugene Steuerle

: TaxVox

How the Corporate AMT Affects Different Industries

The Senate’s last-minute decision to preserve the corporate alternative minimum tax (AMT) has drawn strong opposition from business and its advocates. Its fate now lies...

December 14, 2017Chenxi Lu Joseph Rosenberg

: TaxVox

Comparing Estimates of the Macroeconomic Effects of Tax Policy: Growth Rates vs. Levels

In recent weeks, we have seen many different estimates of how the Tax Cuts and Jobs Act (TCJA) would affect the US economy. These projections...

December 14, 2017Benjamin R. Page

Federal Budget and Economy: TaxVox

Dynamic Scoring Forum: Three Things You Should Know About Dynamic Scoring

This is one of a series of guest TaxVox blog posts discussing dynamic scoring. The House recently changed the rules of budget scoring: The Congressional Budget Office and the Joint Committee on Taxation will now account for macroeconomic effects when estimating the budget impacts of major

February 27, 2015Donald Marron

Individual Taxes: TaxVox

Dynamic Scoring Forum: Now We Really Need More Information

This is one of a series of guest TaxVox blog posts discussing dynamic scoring House Ways & Means Committee Chairman Paul Ryan has claimed that the House dynamic scoring rule would generate more information. But the new rule asks for an official cost estimate that reflects only a single estimate

February 25, 2015Chye-Ching Huang

Federal Budget and Economy: TaxVox

Dynamic Scoring Forum: Dynamic Scoring Won’t Be Perfect But it is Worth Doing

This is one of a series of guest TaxVox blog posts discussing dynamic scoring . It is obvious that changes in spending and tax policies affect macroeconomic variables, such as the Gross Domestic Product. The problem is in knowing how much. Different economic models yield very different answers and

February 20, 2015Rudolph G. Penner