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.
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