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1 1 (December 15, 2017)

handle is hein.congrec/cestagrm0001 and id is 1 raw text is: O CONGRESSIONAL BUDGET OFFICE Keith Hall, Director U.S. Congress Washington, DC 20515 December 15, 2017 Honorable Kevin Brady Chairman Committee on Ways and Means U.S. House of Representatives Washington, DC 20515 Re: Cost Estimate for the Conference Agreement on H.R. 1, a Bill to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 Dear Mr. Chairman: The Congressional Budget Office and the staff of the Joint Committee on Taxation (JCT) have reviewed the conference agreement for H.R. 1, a bill to provide for reconciliation pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018, as posted on the website of the House Committee on Rules on December 15, 2017. According to CBO's and JCT's estimates, enacting H.R. 1 would reduce revenues by about $1,649 billion and decrease outlays by about $194 billion over the period from 2018 to 2027, leading to an increase in the deficit of $1,455 billion over the next 10 years. Those estimates do not incorporate the effects of macroeconomic feedback. Summary of the Legislation Title I would amend numerous provisions of U.S. tax law. Among other changes, the bill would reduce most income tax rates for individuals and modify the tax brackets for those taxpayers; increase the standard deduction and the child tax credit; repeal deductions for personal exemptions; repeal or limit certain itemized deductions; and increase the exemption amounts for the individual alternative minimum tax. Those changes would take effect on January 1, 2018, and would be scheduled to expire after December 31, 2025. The bill also would permanently repeal the penalties associated with the requirement that most people obtain health insurance coverage (also known as the individual mandate). www.cbo.gov

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