“The staff of the Joint Committee on Taxation (JCT) estimates
that enacting the legislation would reduce revenues by about $1,633 billion and
decrease outlays by $219 billion over the 2018-2027 period, leading to an
increase in the deficit of $1,414 billion over the next 10 years. A portion of
the changes in revenues would be from Social Security payroll taxes, which are
off-budget. Excluding the estimated $27 billion increase in off-budget revenues
over the next 10 years, JCT estimates that the legislation would increase
on-budget deficits by about $1,441 billion over the period from 2018 to 2027.
Pay-as-you-go procedures apply because enacting the legislation would affect
direct spending and revenues.”