October 5, 2015
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 A Publication of The Federal Budget Group LLC, Charles S. Konigsberg, President



"JCT" refers to the nonpartisan Joint Committee on Taxation which produces all revenue estimates for Congress. "CBO" refers to the nonpartisan Congressional Budget Office.

JCT: Overview of The Federal Tax System as in Effect for 2015

JCT: Estimated Budget Effects of the Revenue Provisions in the President's FY 2016 Budget Proposal

JCT: List of Expiring Tax Provisions

JCT: Estimates of Federal Tax Expenditures

JCT "Bluebooks" Reviewing Tax Legislation Enacted in each Congress

CBO Revenue Options for Deficit Reduction

August 4, 2015: JCT releases revenue estimates for the Finance Committee's Tax Extenders bill.

July 17, 2015: JCT releases description of the Finance Committee's Extenders bill.

July 13, 2015: JCT releases backgrounder on Federal Excise Taxes

June 23, 2015: JCT releases overview of provisions relating to financing Highway infrastructure

June 22, 2015: JCT releases description of proposals on Repatriation of Foreign Earnings

June 16, 2015: JCT releases paper on Long-Term Financing of the Highway Trust Fund

April 1, 2015: JCT releases General Explanation of Tax Legislation Enacted in the 113th Congress

March 16, 2015: JCT releases Present Law and Selected Policy Issues in the U.S. Taxation of Cross-Border Income

January 26, 2015: Nonpartisan Joint Committee on Taxation report on impact of "dynamic scoring" of tax legislation.

January 15, 2015: Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) announced the launch of five bipartisan Finance Committee Tax Working Groups to spur congressional comprehensive tax reform efforts in the 114th Congress.  Policy focus areas for the working groups include: 1) Individual Income Tax; 2) Business Income Tax; 3) Savings & Investment; 4) International Tax; and 5) Community Development & Infrastructure. Click here for the 5 working groups and their co-chairs.

December 19, 2014: President signs HR 5771, the 2014 "tax extenders" legislation. JCT bill summary.

February 26, 2014: House Ways and Means Committee releases comprehensive tax reform plan.

November 18 - 21, 2013: Senate Finance Committee releases discussion drafts on reform of business taxes:

Baucus Proposal on Cost Recovery, Tax Accounting   JCT Technical Explanation

Baucus Proposal on Tax Administration       JCT Technical Explanation

Baucus Proposals for International Tax Reform          JCT Technical Explanation

August 21, 2013: With impending mark-ups this fall of tax reform legislation, the Committee for a Responsible Federal Budget has begun a series analyzing the $1.3 trillion of tax expenditures (credits, deductions, exclusions and other preferences). Link here.

July 30, 2013: Obama’s plan to link corporate tax reform, jobs spending quickly rejected by GOP. White House fact sheet.

July 25, 2013: As reported by Bloomberg/BNA, Senate Majority Leader Reid says that legislation to rewrite the tax code should raise at least $975 billion in revenue.

May 6, 2013: JCT report to the House Ways & Means Committee on reform proposals submitted to its tax reform working groups.

March 2013: GAO report on corporate tax expenditures

February 13, 2013: Ways & Means Committee announces tax reform working groups

February 12, 2013: In State of the Union address, President Obama endorses tax reform as part of deficit reduction.

February 1, 2013: JCT releases estimates of Federal Tax Expenditures

January 10, 2013: Tax Provisions in the American Taxpayer Relief Act of 2012 (Tax Policy Center)

January 8, 2013: Overiew of federal taxes as amended by the Jan. 2013 fiscal cliff legislation

August 14, 2012: "Research Tax Credit: Current Law and Policy Issues"

August 10, 2012: Washington Post, "Tax Reform is Going to be Really, Really Hard"

August 2, 2012: House passes HR 6169, a bill to establish an expedited procedure for consideration of tax reform in 2013. To qualify for the expedited process, legislation would have to reduce tax brackets down to two; reduce the corporate rate to at least 20 percent; repeal the AMT; maintain revenues at 18 or 19% of GDP; and move to a territorial tax system. However, the expedited procedures would provide fewer protections than a filibuster-proof budget reconciliation measure. The Senate will not consider the House-passed bill.

August 2, 2012: Senate Finance Committee approves a two-year AMT (Alternative Minimum Tax) patch and tax extenders package (R&E tax credit, deduction for state sales taxes and other expiring provisions.). However, the measure fails to address the fiscal cliff (major tax hikes in early January 2013 when the Bush tax cuts expire). The package costs $205 billion over 10 years, the bulk of which is from the AMT patch. Outlook: Senate could vote on the package in September, but the House has not scheduled action on extenders and, as reported by Congressional Quarterly, may wait until consideration of the larger tax issues after the election.
Documents related to the tax extenders bill JCT Revenue Estimates
CRS Summary of Tax Provisions Expiring in 2012 including the expiring "Bush tax cuts"

August 1, 2012: Nonpartisan Tax Policy Center, Paper on Base-Broadening Income Tax Reform

August 1, 2012: House passes a one-year extension of Bush tax cuts after rejecting a Democratic proposal to let the cuts expire for individuals earning up to $200k and joint filers earning up to $250k. (The Senate rejected the House approach the previous week.) Summary of the House-passed bill

July 25, 2012: Senate passes legislation (S. 3412) to extend for one year the Bush tax cuts on income up to $200k for individuals and $250k for joint filers, after defeating a Republican alternative to extend the cuts for all income levels. (The House later rejected the Senate approach on August 1.) Statement of Administration Policy on Senate bill

July 30, 2012: Comparison of bills to Extend the Bush Tax Cuts

July 25, 2012: "Moving to a Territorial Income Tax: Options and Challenges"

July 18, 2012: "The 2001 and 2003 Bush Tax Cuts and Deficit Reduction" The report estimates that extendng the Bush tax cuts for single filers over $200k and joint filers over $250k would cost $34 billion in 2013 and $931 billion over 10 years (2013-22).

May 31, 2012: "Tax Reform: An Overview of Proposals in the 112th Congress"

April 17, 2012: "Tax Provisions Expiring in 2012"

March 28, 2012: "Energy Tax Policy Issues in the 112th Congress"

March 22, 2012: "The Challenge of Individual Income Tax Reform: An Economic Analysis of Tax Base Broadening"

December 16, 2011: "Corporate Tax Reform: Issues for Congress"

March 9, 2011: Backgrounder on Tax Expenditure Analysis