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1 Distributional Effects of Changes in Spending under the Tax Cuts and Jobs Act of November 15, 2017 1 (2017)

handle is hein.congrec/dsefchaxu3951 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Keith Hall, Director U.S. Congress Washington, DC 20515 November 17, 2017 Honorable Ron Wyden Ranking Member Committee on Finance United States Senate Washington, DC 20510 Re: Distributional Effects of Changes in Spending Under the Tax Cuts and Jobs Act as of November 15, 2017 Dear Senator: This week, the Joint Committee on Taxation (JCT) published an analysis of the distributional effects of the Tax Cuts and Jobs Act, which was under consideration by the Senate Finance Committee.' That analysis examined most of the effects of the proposal 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. However, other spending related to eliminating that penalty was not included. As you requested, the Congressional Budget Office and JCT's staff have analyzed the distributional effects of those changes in spending using income categories consistent with JCT's analysis. In calendar year 2021, for example, those excluded amounts would total about $19 billion: * $18 billion less spending for Medicaid, * $4 billion less spending for cost-sharing reduction (CSR) payments, * $1 billion less spending for the Basic Health Program (BHP), and * $4 billion more spending for Medicare because of changes in payments to hospitals that serve a disproportionate share of low-income patients. 1 Joint Committee on Taxation, Distribution Effects of the Chairman's Modification of the Chairman's Mark of the Tax Cuts and Jobs Act, Scheduled for Markup by the Committee on Finance on November 15, 2017, JCX-58R-17 (November 17, 2017), wwwict.goy/publications.htmlfunc= startdown&id=5042. See also Joint Committee on Taxation, Revenue Effects of the Chairman's Modification of the Chairman's Mark of the Tax Cuts and Jobs Act, Scheduled for Markup by the Committee on Finance on November 15, 2017, JCX-57-17 (November 14, 2017), wwwdctgov/ nu~blications.html?func=startdowAn&id=5038. www.cbo.gov

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