About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 Estimated Deficits and Debt under the Chairman's Amendment in the Nature of a Substitute to H.R. 1, the Tax Cuts and Jobs Act 1 (2017)

handle is hein.congrec/esdcntux3898 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Keith Hall, Director U.S. Congress Washington, DC 20515 November 8, 2017 Honorable Richard Neal Ranking Member Committee on Ways and Means U.S. House of Representatives Washington, DC 20515 Dear Congressman: This letter responds to your request for information about the estimated deficits and debt under the Chairman's amendment in the nature of a substitute to H.R. 1, the Tax Cuts and Jobs Act. The staff of the Joint Committee on Taxation determined that provisions in the Chairman's amendment would increase deficits over the 2018-2027 period by $1.4 trillion (not including the macroeconomic effects of enacting the legislation). By CBO's estimate, additional debt service would boost the 10-year increase in deficits to $1.7 trillion. CBO's June 2017 baseline projects that debt held by the public in 2027 will be 91.2 percent of gross domestic product. As a result of those higher deficits, debt held by the public in that year, under H.R. 1, would be about 6 percent greater, reaching 97.1 percent of gross domestic product. If you wish further details on this estimate, we will be pleased to provide them. Sincerely, Keith Hall Enclosure cc: Honorable Kevin Brady Chairman

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most