Increase the maximum state and local tax deduction that married couples can claim in 2019
Eliminate the limitations on the maximum state and local tax deduction in 2020 and 2021
Increase the top marginal individual income tax rate and reduce the income threshold for the top tax bracket from 2020 to 2025
Increase the maximum amount of the deduction for certain expenses for eligible teachers
Create a new above-the-line deduction for eligible expenses for first responders
Estimated budgetary effects would primarily stem from
An increase in state and local tax deductions for tax years 2019, 2020, and 2021
A higher tax rate for the top marginal individual tax bracket between 2020 and 2025
An increase in deductions of expenses by certain educators and first responders
The Congressional Budget Act of 1974, as amended, stipulates that revenue estimates provided by the staff of the Joint Committee on Taxation (JCT) are the official estimates for all tax legislation considered by the Congress. CBO therefore incorporates such estimates into its cost estimates of the effects of legislation. All of the estimates for the provisions of H.R. 5377 were provided by JCT.
