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The Joint Committee on Taxation (JCT) is a nonpartisan congressional committee in the United States that assists both the House and Senate with tax legislation.| Tax Foundation
How have federal tax expenditures changed since passage of the Tax Cuts and Jobs Act? We compare 2017 and 2018 Joint Committee on Taxation estimates.| Tax Foundation
An itemized deduction allows individuals to subtract designated expenses from their taxable income and can be claimed in lieu of the standard deduction. Itemized deductions include those for state and local taxes, charitable contributions, and mortgage interest. An estimated 13.7 percent of filers itemized in 2019, most high-income taxpayers.| Tax Foundation
Stay informed on the tax policies impacting you with the Tax Foundation's Above-the-Line tax newsletter. Explore popular tax newsletters.| Tax Foundation
The 2017 Tax Cuts and Jobs Act overhauled the federal tax code by reforming individual and business taxes. It was pro-growth reform, significantly lowering marginal tax rates and cost of capital. We estimated it reduced federal revenue by $1.47 trillion over 10 years before accounting for economic growth.| Tax Foundation