Coronavirus relief package contains $600B in tax cuts

The coronavirus relief package going through Congress currently includes almost $600 billion in tax cuts over the next decade, according to a new analysis by the Joint Committee on Taxation.

The JCT, a nonpartisan committee within Congress, showed in a report Thursday that the coronavirus legislation will cause a massive drop in tax receipts for the federal government this year of over $700 billion, or a 20% reduction. Receipts will fall another $254 billion in 2021 before rising again in 2022.