Page 9
Footnotes for Table #17-2 128 R3:
[1] The parameters for the beginning of the 24%, 32%, 35%, and 37% rate brackets, and the standard deduction amount use 2018 as the base year. Other indexed parameters are adjusted for inflation
from their 2017 values using the chained CPI-U as the inflation measure to determine 2018 values.
[2] Estimate includes the following outlay effects: 2018
2019 2020 2021 2022 2023 2024 2025 2026 2027 2018-22 2018-27
10%, 12%, 22%, 24%, 32%, 35%, and 37% income tax rate brackets....................
--- 1.0 1.1 1.2 1.2 1.2 1.2 1.2 1.3 --- 4.4 9.3
Modify standard deduction.......................................................................................
--- 9.4 9.7 10.1 10.3 10.5 10.6 10.7 10.9 --- 39.6 82.3
Repeal of deduction for personal exemptions........................................................... -10.8 -16.0 -16.4 -16.7 -17.0 -17.3 -17.5 -17.8 -5.4 --- -77.0 -134.9
Alternative inflation measure.................................................................................... --- -0.3 -0.6 -1.3 -1.6 -2.1 -2.5 -3.1 -3.6 -4.1 -3.9 -19.3
Modification of child tax credit................................................................................
--- 21.8 22.1 22.0 22.0 23.1 23.1 23.1 24.1 --- 87.9 181.3
Require valid Social Security number of each child to claim refundable and
non-refundable portions of child credit, non-child dependents and any child
without a valid Social Security number still receives $500 non-refundable
credit......................................................................................................................
--- -3.0 -2.9 -2.8 -2.7 -2.7 -2.7 -2.6 -2.6 -0.5 -11.4 -22.4
Repeal of itemized deductions for taxes not paid or accrued in a trade or
business (except for up to $10,000 in State and local taxes), interest on mortgage
debt in excess of $750K, interest on home equity debt, non-disaster casualty
losses and certain miscellaneous expenses............................................................. --- -0.3 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 --- -0.8 -1.7
Reduce ACA individual shared responsibility payment amount to zero..................
--- -5.8 -12.7 -28.2 -35.2 -38.4 -40.7 -43.0 -45.3 -48.0 -81.9 -297.3
Repeal of alternative minimum tax on corporations.................................................
2.2 2.3 1.7 1.9 1.9 --- --- --- --- --- 10.2 10.2
Repeal of tax credit bonds......................................................................................... [26] [26] [26] [26] [26] -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.5
[3] Loss of less than $50 million.
[4] Estimate includes the following budget effects: 2018
2019 2020 2021 2022 2023 2024 2025 2026 2027 2018-22 2018-27
Total Revenue Effect (SECA interaction)................................................................
-1.4 -1.9 -1.7 -1.5 -1.1 1.5 2.5 1.7 1.2 0.8 -7.7 [3]
On-budget effects................................................................................................... -0.3 -0.4 -0.4 -0.3 -0.2 0.3 0.5 0.4 0.2 0.2 -1.6 [3]
Off-budget effects..................................................................................................
-1.1 -1.5 -1.4 -1.2 -0.9 1.2 2.0 1.3 0.9 0.6 -6.1 [3]
[5] Gain of less than $50 million.
[6] Estimate includes the following budget effects: 2018
2019 2020 2021 2022 2023 2024 2025 2026 2027 2018-22 2018-27
Total Revenue Effect................................................................................................
0.4 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.2 --- 2.7 4.8
On-budget effects................................................................................................... 0.3 0.4 0.4 0.40.50.50.50.60.1 --- 2.1 3.8
Off-budget effects..................................................................................................
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 --- --- 0.6 1.0
[7] Estimate includes policy that retains exclusion under section 217(g) (related to members of the Armed Forces).
[8] Estimate includes the following budget effects: 2018
2019 2020 2021 2022 2023 2024 2025 2026 2027 2018-22 2018-27
Total Revenue Effect................................................................................................
[3] [3] [3] [3] [3] [3] -0.1 -0.1 -0.1 -0.1 -0.1 -0.5
On-budget effects...................................................................................................
[3] [3] [3] [3] [3] [3] [3] [3] -0.1 -0.1
[1]
-0.3
Off-budget effects..................................................................................................
[3] [3] [3] [3] [3] [3] [3] [3] [3]
-0.1 [3] -0.2
[9] Estimate provided by the Joint Committee on Taxation staff in collaboration with the Congressional Budget Office.
[Footnotes for Table #17-2 128 R3 continue on the following page]