The tax provisions of President Joe Biden's $1.9 trillion pandemic relief legislation known as the American Rescue Plan would cost $593.1 billion, according to a JCT estimate released Monday. That is a decrease of roughly $400 million from an earlier estimate by the committee of $593.5 billion and results from decreases in the costs of certain provisions in the plan, including expansion of the earned income tax credit.
The House Ways and Means Committee approved the tax provisions of the legislation Thursday, by a 24-18 vote, and sent the proposal to the House Budget Committee. The American Rescue Plan includes another round of direct payments to individuals and increases in the child tax credit.
--Additional reporting by Stephen Cooper and Dylan Moroses. Editing by Neil Cohen.
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