Federal Revenues: Overview

Major Developments:

Dec. 10, 2018:  Ways & Means Chairman Brady released a revised year-end tax package aimed at picking up additional conservative votes in the House — but less likely to attract bipartisan support needed to pass the Senate (where 60 votes are required).  Senate Finance Committee Ranking Democrat Ron Wyden (D-OR) responded (as reported by Politico)“This bill sends a very clear message to Democrats: That [Republicans] aren’t serious about negotiating a real bill. It’s filled with ideological trophies and things that are on their wish list. This is like putting up a white flag of surrender at the end of the session.” GOP Summary.

Nov. 29, 2018:  House passed a rule — along party lines (219-181) — to allow for consideration of the House GOP tax package as an amendment to H.R. 88.

Nov. 26, 2018: House Republicans released a nearly 300-page Tax Bill that includes: (i) extension of 26 expired “tax extenders”; (ii) additional TCJA (2017 Tax Act) technical corrections; (iii) new incentives for savings  and retirement; (iv) IRS reforms; (v) tax breaks for certain start-up businesses; and (vi) temporary tax relief for victims of recent wildfires and hurricanes.  Most notably, this is not a filibuster-proof Budget Reconciliation bill and therefore requires bipartisan support to pass the Senate during the lame duck session.  In addition, unless offsets are found for the bill’s $54.7 billion cost, automatic spending cuts (a “sequester“) would be triggered. Bill Language | Summary of Division A | Summary of Division B | JCT Revenue Estimates | CBO Cost Estimate – $54.7 b over 10 yrs | Brady Stmt on Bill  

Nov. 16, 2018:  Grassley announces intention to chair Senate Finance Committee with Hatch retirement.

Sept. 27-28, 2018:  House passes three tax bills – largely along party lines – including a $631 billion permanent extension of TCJA tax cuts: HR 6756 | HR 6757 HR 6760  Text and JCT descriptions/rev. estimates.

March 23, 2018:  President signed spending bill (HR 1625) containing Tax Technical Corrections in Division U | JCT Explanation of  Tax Technical Corrections Act of 2018) JCT Revenue Estimates

Feb 9, 2018:  President signed PL 115-123 (HR 1892, Bipartisan Budget Act) containing “Tax Extenders” in Division D | JCT list of extenders

Jan 22, 2018: President signed PL 115-120 (HR 195, a continuing resolution) containing tax provisions delaying several Affordable Care Act taxes (medical device excise tax, the “Cadillac tax” on high-cost employer-sponsored health plans, and an annual excise tax on health insurers) | JCT Revenue Estimates

Dec. 22, 2017:  President signed (HR 1, titled “Tax Cuts and Jobs Act,” TCJA) | PL 115-97 | JCT Distributional Analysis | TPC Distributional Analysis | Revenue Estimates | Conference Report  

[See Appropriations.com for full details on annual spending bills and continuing resolutions; and GovBudget.com for full details on the Federal budget including entitlements and other mandatory spending programs.]

Source:  FY 2018 final OMB-Treasury numbers

The $3.33 trillion in Federal revenues breaks down as follows (FY 2018):   

Links to Nonpartisan Tax & Revenue Information on this website:

Overview of Federal Tax Law

Enacted Tax Legislation 

Essential Tax Links

Contact FBG for general legislative, tax, appropriations, and budget research, analysis, drafting, and  guidance:
Email:  help@fedtaxportal.com 
Phone:  +1 (202) 419-3506 |

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