CBO Estimates Cost of Chairman’s Amendment in the Nature of a Substitute to the Tax Cuts and Jobs Act: Today, Congressional Budget Office (CBO) Director Keith Hall sent a letter to House Ways and Means Committee Ranking Member Richard Neal (D-MA) containing the estimated cost of Ways and Means Chairman Kevin Brady’s (R-TX) amendment in the nature of a substitute to the Tax Cuts and Jobs Act (H.R. 1). The letter notes that 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. . . .” The letter adds that “[b]y CBO’s estimate, additional debt service would boost the 10-year increase in deficits to $1.7 trillion.”

This cost estimate does not reflect the changes made to the bill on November 6 following the Committee’s approval of the Chairman’s amendment to the amendment in the nature of a substitute.

Ways and Means Committee Continues Markup of Tax Reform Bill: Today, the House Ways and Means Committee entered its third day of marking up the Tax Cuts and Jobs Act. Results of the markup can be accessed here.