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March 13, 2019 - Issue: Vol. 165, No. 45 — Daily Edition116th Congress (2019 - 2020) - 1st Session

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SUMMARY OF REVENUE ESTIMATE ON H.R. 1 FROM JOINT COMMITTEE ON TAXATION; Congressional Record Vol. 165, No. 45
(Extensions of Remarks - March 13, 2019)

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[Extensions of Remarks]
[Page E298]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]





 SUMMARY OF REVENUE ESTIMATE ON H.R. 1 FROM JOINT COMMITTEE ON TAXATION

                                 ______
                                 

                            HON. ZOE LOFGREN

                             of california

                    in the house of representatives

                       Wednesday, March 13, 2019

  Ms. LOFGREN. Madam Speaker, I include in the Record the following 
summary of revenue estimate from the Joint Committee on Taxation.

      Summary of Revenue Estimate From Joint Committee on Taxation

                      (3/4/2019--Very Preliminary)

       Estimate of proposed 2.75% special assessment on criminal 
     penalties and civil penalties, generally limit nontax 
     penalties to organizational defendants. All estimates below 
     are in millions of dollars, by fiscal year. Details may not 
     add to totals due to rounding.

             NON-TAX CIVIL PENALTIES AND CRIMINAL PENALTIES
                [By fiscal year--in millions of dollars]
------------------------------------------------------------------------
                            Year                                Amount
------------------------------------------------------------------------
Transfers to Freedom from Influence Fund, authorized to be
 spent:
    2020...................................................          107
    2021...................................................          117
    2022...................................................          118
    2023...................................................          120
    2024...................................................          122
    2025...................................................          124
    2026...................................................          125
    2027...................................................          127
    2028...................................................          129
    2029...................................................          131
    2019-2024..............................................          584
    2019-2029..............................................        1,220
Net Revenue Change:
    2020...................................................           54
    2021...................................................           62
    2022...................................................           63
    2023...................................................           64
    2024...................................................           65
    2025...................................................           66
    2026...................................................           66
    2027...................................................           67
    2028...................................................           68
    2029...................................................           69
    2019-2024..............................................          308
    2019-2029..............................................          644
Reductions in transfers to other funds authorized to be
 spent:
    2020...................................................          -30
    2021...................................................          -30
    2022...................................................          -30
    2023...................................................          -30
    2024...................................................          -30
    2025...................................................          -30
    2026...................................................          -30
    2027...................................................          -30
    2028...................................................          -30
    2029...................................................          -30
    2019-2024..............................................         -150
    2019-2029..............................................         -301
Memo: increase (+) or decrease (-) in the deficit if all
 Fund balances spent immediately:
    2020...................................................           23
    2021...................................................           25
    2022...................................................           25
    2023...................................................           26
    2024...................................................           27
    2025...................................................           28
    2026...................................................           29
    2027...................................................           30
    2028...................................................           31
    2029...................................................           32
    2019-2024..............................................          126
    2019-2029..............................................          276
------------------------------------------------------------------------


CIVIL TAX PENALTIES--EXEMPTING INDIVIDUAL TAXPAYERS WHOSE TAXABLE INCOME
  DOES NOT EXCEED THE DOLLAR AMOUNT AT WHICH THE TOP TAX BRACKET BEGINS
                [By fiscal year--in millions of dollars]
------------------------------------------------------------------------
                            Year                                Amount
------------------------------------------------------------------------
Transfers to Freedom from Influence Fund, authorized to be
 spent:
    2020...................................................           37
    2021...................................................           51
    2022...................................................           60
    2023...................................................           68
    2024...................................................           74
    2025...................................................           80
    2026...................................................           84
    2027...................................................           88
    2028...................................................           91
    2029...................................................           95
    2019-2024..............................................          290
    2019-2029..............................................          728
Net revenue change:
    2020...................................................           55
    2021...................................................           76
    2022...................................................           90
    2023...................................................          101
    2024...................................................          111
    2025...................................................          119
    2026...................................................          126
    2027...................................................          131
    2028...................................................          136
    2029...................................................          141
    2019-2024..............................................          443
    2019-2029..............................................        1,085
Memo: increase (+) or decrease (-) in the deficit if all
 Fund balances spent immediately
    2020...................................................          -18
    2021...................................................          -25
    2022...................................................          -30
    2023...................................................          -33
    2024...................................................          -37
    2025...................................................          -39
    2026...................................................          -41
    2027...................................................          -43
    2028...................................................          -45
    2029...................................................          -46
    2019-2024..............................................         -143
    2019-2029..............................................         -358
------------------------------------------------------------------------


                                 TOTALS
                [By fiscal year--in millions of dollars]
------------------------------------------------------------------------
                            Year                                Amount
------------------------------------------------------------------------
Transfers to Freedom from Influence Fund, authorized to be
 spent:
    2020...................................................          144
    2021...................................................          168
    2022...................................................          178
    2023...................................................          188
    2024...................................................          196
    2025...................................................          204
    2026...................................................          209
    2027...................................................          215
    2028...................................................          220
    2029...................................................          226
    2019-2024..............................................          874
    2019-2029..............................................        1,948
Net revenue change:
    2020...................................................          109
    2021...................................................          138
    2022...................................................          153
    2023...................................................          165
    2024...................................................          176
    2025...................................................          185
    2026...................................................          192
    2027...................................................          198
    2028...................................................          204
    2029...................................................          210
    2019-2024..............................................          741
    2019-2029..............................................        1,729
Memo: increase (+) or decrease (-) in the deficit if all
 Fund balances spent immediately:
    2020...................................................            5
    2021...................................................            0
    2022...................................................           -5
    2023...................................................           -7
    2024...................................................          -10
    2025...................................................          -11
    2026...................................................          -12
    2027...................................................          -13
    2028...................................................          -14
    2029...................................................          -14
    2019-2024..............................................          -17
    2019-2029..............................................          -83
------------------------------------------------------------------------

                                                             

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