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1 1 (December 21, 2017)

handle is hein.congrec/disefchtx0001 and id is 1 raw text is: O CONGRESSIONAL BUDGET OFFICE Keith Hall, Director U.S. Congress Washington, DC 20515 December 21, 2017 Honorable Bernie Sanders Ranking Member Committee on Budget United States Senate Washington, DC 20510 Re: Distributional Effects of Changes in Taxes and Spending Under the Conference Agreement for H.R. 1, Legislation to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 Dear Senator: This letter responds to your request for information about the estimated distributional effects of the conference agreement for H.R. 1.1 This week, the Joint Committee on Taxation (JCT) published a distributional analysis that examined most of the effects of that legislation on revenues and on the portion of refundable tax credits recorded as outlays-including effects on premium tax credits stemming from eliminating the penalty associated with the requirement that most people obtain health insurance coverage.2 However, other spending changes related to eliminating that penalty were not included. In addition, the outlay effects of the oil and gas leasing provisions of title II were not included in JCT's analysis. CBO has allocated the budgetary effects of the spending changes across income groups.3 In making those estimates, CBO did not attempt to estimate the value 1 For the budgetary effects of this agreement see Congressional Budget Office, cost estimate for the conference agreement on H.R. 1 (December 15, 2017), www.cbo.gov/ublication/53415. 2 Joint Committee on Taxation, Distributional Effects of the Conference Agreement for H.R. 1, the Tax Cuts and Jobs Act, JCX-68-17 (December 18, 2017), wwwjct gov/publications.html?func= startdown&id=5054. 3 For the estimates and associated methodology, see Congressional Budget Office, letter to Honorable Ron Wyden on the distributional effects of changes in spending under the Tax Cuts and Jobs Act as of November 15, 2017 (November 17, 2017), www.cbogov/publication/53333. The changes in spending from provisions in title II were allocated in a manner similar to those used for Medicare spending. www.cbo.gov

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