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Joint Liaison Committee on Taxatio

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uuid003c6nu

Namestring
Joint Liaison Committee on Taxatio
Legal namestring
Joint Committee on Taxation
Websiteurl
jct.gov
Company typeenum
Private
Founded yearint
1926
Descriptiontext

The Joint Committee on Taxation (JCT) is a nonpartisan joint committee of the United States Congress, established under the Revenue Act of 1926 and headquartered at 502 Ford House Office Building in Washington, DC. It serves the entire Congress—primarily the tax-writing committees (House Ways and Means and Senate Finance), individual Members, and their staffs—by providing objective technical analysis of proposed tax legislation. Its functions include preparing official revenue estimates for all tax legislation considered by Congress, drafting hearing pamphlets and committee reports, producing technical explanations and Bluebooks, conducting distributional analyses across income groups, reviewing large IRS refund cases exceeding $2 million, and maintaining the only complete legislative history of Federal taxation dating back to the Tariff and Income Tax Act of 1913.

The JCT operates a core analytical platform of highly developed microsimulation tax models—Individual, Corporate, International Cross Border, and Estate and Gift Models—built on large micro-data files drawn from the IRS Statistics of Income Division and supplemented by spreadsheet-based panel models. The staff also performs macroeconomic analysis under House and Senate dynamic scoring rules dating to 2003. Publications are distributed via the jct.gov website, an XML publications feed, and direct confidential delivery to requesting Members; recent outputs include JCX-19-26 on sports industry tax issues and JCX-18-26 on digital asset taxation (2026). Leadership consists of Chief of Staff Thomas A. Barthold and Deputy Chief of Staff Chris Giosa.

The JCT does not generate commercial revenue. It is funded through annual congressional appropriations and provides all estimates and analyses at no cost as part of the legislative process. Requests are submitted on a Member's letterhead to the Chief of Staff and are confidential unless the requesting Member chooses to release them. The committee is chaired on a rotating basis by the chairs of the Senate Finance and House Ways and Means Committees.

Short descriptiontext

The Joint Committee on Taxation is a nonpartisan Congressional committee that provides official revenue estimates, microsimulation modeling, and technical tax policy analysis to the U.S. Congress, primarily serving the House Ways and Means and Senate Finance committees.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
101–250
akta.pro rankint
HeadquartersWashington, United States
HQ citystring
Washington
HQ countrystring
United States
HQ regionstring
North America
Markets served

Serves global market

Offices1 record

Each record includes

City, Country, Type, Description, Source

Keyword5 values
tax policy analysis, revenue estimation, congressional committee services, tax legislative drafting, microsimulation tax modeling
Industry3 codes
1State/Provincial Taxation & Revenue Administration
CodeBPAIABADPrimaryYes
2Tax Policy, Legislation & Rulings
CodeBPAIADAAPrimaryNo
3Excise, VAT/Sales Tax & Indirect Tax Administration
CodeBPAIADAHPrimaryNo
NAICS code2 codes
  • Executive, Legislative, and Other General Government Support921
  • Public Finance Activities921130
Product category
Government Tax Policy Analysis
GTM motion1 record

Each record includes

Type, Description, Source

Revenue model1 record
1Government Appropriation
TypeLicensing Royalties
Description

The Joint Committee on Taxation is a Congressional committee funded through annual appropriations. It does not generate revenue from commercial activities.

jct.gov
Marketing channels4 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels2 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Personnel, Technology or R&D, Operations, Infrastructure, Others
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

The Joint Committee on Taxation is a nonpartisan joint committee of the U.S. Congress that provides official revenue estimates, technical analysis, and legislative drafting support for all Federal tax legislation. It produces a suite of analytical products including revenue estimates, hearing pamphlets, technical explanations, committee reports, Bluebooks, tax expenditure pamphlets, distributional analyses, and macroeconomic analyses. Its core capability rests on proprietary microsimulation tax models (Individual, Corporate, International Cross Border, and Estate and Gift) fed by confidential IRS tax return data.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 value
  • Average approximately 4,000 revenue and analysis requests processed per year
Product overview1 text field

The Joint Committee on Taxation is a nonpartisan Congressional committee that provides a comprehensive suite of tax policy analysis and legislative support products and services. The organization operates with a core platform of revenue estimating capabilities supported by multiple microsimulation tax models (Individual, Corporate, International Cross Border, and Estate and Gift Models). Its product portfolio includes official revenue estimates, hearing pamphlets, technical explanations, committee reports, distributional analyses, tax expenditure pamphlets, and macroeconomic analyses. Publications are distributed through multiple channels including PDF documents, the public website, and an XML publications feed. The committee also performs statutory refund review functions for large IRS refund cases and produces Bluebooks explaining enacted tax legislation.

Product and service10 records
1Revenue Estimates
CategoryTax policy analysis
Description

Official revenue estimates for all tax legislation considered by Congress, prepared using microsimulation tax models (Individual, Corporate, International Cross Border, and Estate and Gift Models); addressed to Members of Congress upon written request.

2Hearing Pamphlets
CategoryLegislative support publications
Description

Background documents examining present law and legislative proposals for Congressional hearings on tax legislation, often providing in-depth legal and economic analysis prepared for the tax-writing committees.

3Technical Explanations
4Committee Reports
5Tax Expenditures Pamphlet
CategoryTax policy analysis
Description

Annual publication detailing tax expenditure estimates, produced pursuant to the 1974 Congressional Budget Act.

6Distributional Analyses
7Refund Review
8Bluebooks
9Publications XML Feed
10Macroeconomic Analysis
CategoryTax policy analysis
Description

Analysis of macroeconomic effects of certain tax legislation using dynamic scoring models, conducted in compliance with House and Senate rules dating back to 2003.

Scale indicator3 records

Each record includes

Type, Value, Description, Source

Recent move6 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight4 records

Each record includes

Type, Description

Peers10 records
TypeOthers
Description

Subscription-based publisher of federal and state tax news, analysis, and primary source documents. Comparable to JCT's publication function in serving tax practitioners and policymakers with legislative and regulatory tax intelligence.

TypeEmerging player
Description

Joint venture of the Urban Institute and Brookings Institution providing distributional analyses of federal tax proposals. Comparable to JCT's distributional analysis function across income groups, though an academic/policy organization rather than a government entity.

TypeBroad incumbent
Description

Commercial provider of tax research, news, and practice tools used by tax professionals, lawmakers, and their staffs. Comparable in serving the broader tax policy ecosystem with analysis and legislative tracking, though a commercial subscription product rather than nonpartisan government entity.

TypeDirect peer
Description

Nonpartisan legislative branch agency providing policy analysis to Members of Congress. Comparable in mission (nonpartisan technical analysis for Congress), customer base (Members and committees), and confidentiality protocols, though broader in policy domain.

5Government Accountability Office (GAO)
TypeBroad incumbent
Description

Legislative-branch agency conducting audits, investigations, and program evaluations for Congress. Comparable in nonpartisan Congressional support mission, but broader in scope beyond tax and lacking JCT's microsimulation modeling focus.

TypeDirect peer
Description

Federal legislative-branch agency that produces official cost estimates for all legislation considered by Congress. Directly comparable to JCT as a nonpartisan Congressional scorekeeper, with overlapping microsimulation modeling expertise and a similar statutory mandate under the 1974 Budget Act.

TypeEmerging player
Description

Nonpartisan tax policy think tank producing independent analyses of federal tax proposals. Comparable in tax policy analytic output and modeling capability, though external to government and not empowered to produce official Congressional revenue estimates.

8Office of Tax Analysis (U.S. Treasury)
TypeDirect peer
Description

Treasury Department office responsible for official executive-branch analyses of tax policy and revenue estimates. Directly comparable in tax microsimulation modeling capability and analytic mission, though serving the executive rather than legislative branch.

TypeEmerging player
Description

Academic budget and tax microsimulation model used to produce revenue and distributional estimates of federal tax proposals. Comparable to JCT's revenue estimating and distributional analysis capabilities, though an independent academic alternative rather than official scorekeeper.

TypeOthers
Description

IRS division that produces statistical analyses of tax return data and serves as the primary data source for JCT's microsimulation models. Directly comparable as a tax data and statistics producer, though an IRS program rather than Congressional support function.

Market position
Strengths4 records

Each record includes

Headline, Details, Source

Weaknesses5 records

Each record includes

Headline, Details, Source

Competitive moat4 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment2 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile2 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Feature2 records

Each record includes

Title, Differentiator, Description, Source

Core technology
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Profiles2 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Joint Liaison Committee on Taxatio

Government Tax Policy Analysisjct.gov

The Joint Committee on Taxation is a nonpartisan Congressional committee that provides official revenue estimates, microsimulation modeling, and technical tax policy analysis to the U.S. Congress, primarily serving the House Ways and Means and Senate Finance committees.

What Joint Liaison Committee on Taxatio does

The Joint Committee on Taxation (JCT) is a nonpartisan joint committee of the United States Congress, established under the Revenue Act of 1926 and headquartered at 502 Ford House Office Building in Washington, DC. It serves the entire Congress—primarily the tax-writing committees (House Ways and Means and Senate Finance), individual Members, and their staffs—by providing objective technical analysis of proposed tax legislation. Its functions include preparing official revenue estimates for all tax legislation considered by Congress, drafting hearing pamphlets and committee reports, producing technical explanations and Bluebooks, conducting distributional analyses across income groups, reviewing large IRS refund cases exceeding $2 million, and maintaining the only complete legislative history of Federal taxation dating back to the Tariff and Income Tax Act of 1913.

The JCT operates a core analytical platform of highly developed microsimulation tax models—Individual, Corporate, International Cross Border, and Estate and Gift Models—built on large micro-data files drawn from the IRS Statistics of Income Division and supplemented by spreadsheet-based panel models. The staff also performs macroeconomic analysis under House and Senate dynamic scoring rules dating to 2003. Publications are distributed via the jct.gov website, an XML publications feed, and direct confidential delivery to requesting Members; recent outputs include JCX-19-26 on sports industry tax issues and JCX-18-26 on digital asset taxation (2026). Leadership consists of Chief of Staff Thomas A. Barthold and Deputy Chief of Staff Chris Giosa.

The JCT does not generate commercial revenue. It is funded through annual congressional appropriations and provides all estimates and analyses at no cost as part of the legislative process. Requests are submitted on a Member's letterhead to the Chief of Staff and are confidential unless the requesting Member chooses to release them. The committee is chaired on a rotating basis by the chairs of the Senate Finance and House Ways and Means Committees.

Joint Liaison Committee on Taxatio firmographics

Firmographics
Name
Joint Liaison Committee on Taxatio
Legal name
Joint Committee on Taxation
Website
https://jct.gov
Company type
Private
Founded year
1926
Operating status
Operating
Headcount range
101–250 employees
Short description
The Joint Committee on Taxation is a nonpartisan Congressional committee that provides official revenue estimates, microsimulation modeling, and technical tax policy analysis to the U.S. Congress, primarily serving the House Ways and Means and Senate Finance committees.
Ownership category
akta.pro rank

Joint Liaison Committee on Taxatio industry classification

Industry
Product category
Government Tax Policy Analysis
NAICS
Executive, Legislative, and Other General Government Support (921), Public Finance Activities (921130)
akta.pro primary industry
State/Provincial Taxation & Revenue Administration (BPAIABAD)
akta.pro secondary industries
Tax Policy, Legislation & Rulings (BPAIADAA), Excise, VAT/Sales Tax & Indirect Tax Administration (BPAIADAH)

Keywords

  • Tax policy analysis
  • Revenue estimation
  • Congressional committee services
  • Tax legislative drafting
  • Microsimulation tax modeling

Where Joint Liaison Committee on Taxatio is headquartered

Location

Headquarters

HQ city
Washington
HQ country
United States
HQ region
North America

Offices1 record

Markets served

Joint Liaison Committee on Taxatio business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Personnel, Technology or R&D, Operations, Infrastructure, Others

Revenue model

  1. Government Appropriation: The Joint Committee on Taxation is a Congressional committee funded through annual appropriations. It does not generate revenue from commercial activities.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Joint Liaison Committee on Taxatio product offering

Product offering

Core offering

The Joint Committee on Taxation is a nonpartisan joint committee of the U.S. Congress that provides official revenue estimates, technical analysis, and legislative drafting support for all Federal tax legislation. It produces a suite of analytical products including revenue estimates, hearing pamphlets, technical explanations, committee reports, Bluebooks, tax expenditure pamphlets, distributional analyses, and macroeconomic analyses. Its core capability rests on proprietary microsimulation tax models (Individual, Corporate, International Cross Border, and Estate and Gift) fed by confidential IRS tax return data.

Product overview

The Joint Committee on Taxation is a nonpartisan Congressional committee that provides a comprehensive suite of tax policy analysis and legislative support products and services. The organization operates with a core platform of revenue estimating capabilities supported by multiple microsimulation tax models (Individual, Corporate, International Cross Border, and Estate and Gift Models). Its product portfolio includes official revenue estimates, hearing pamphlets, technical explanations, committee reports, distributional analyses, tax expenditure pamphlets, and macroeconomic analyses. Publications are distributed through multiple channels including PDF documents, the public website, and an XML publications feed. The committee also performs statutory refund review functions for large IRS refund cases and produces Bluebooks explaining enacted tax legislation.

Differentiator

Problem solved

Functional benefit

Products and services

  • Revenue Estimates Official revenue estimates for all tax legislation considered by Congress, prepared using microsimulation tax models (Individual, Corporate, International Cross Border, and Estate and Gift Models); addressed to Members of Congress upon written request.
  • Hearing Pamphlets Background documents examining present law and legislative proposals for Congressional hearings on tax legislation, often providing in-depth legal and economic analysis prepared for the tax-writing committees.
  • Technical Explanations
  • Committee Reports
  • Tax Expenditures Pamphlet Annual publication detailing tax expenditure estimates, produced pursuant to the 1974 Congressional Budget Act.
  • Distributional Analyses
  • Refund Review
  • Bluebooks
  • Publications XML Feed
  • Macroeconomic Analysis Analysis of macroeconomic effects of certain tax legislation using dynamic scoring models, conducted in compliance with House and Senate rules dating back to 2003.

Quantifiable outcome

  • Average approximately 4,000 revenue and analysis requests processed per year

Companies that use Joint Liaison Committee on Taxatio

Customer profile

Segments2 records

Ideal customer profiles2 records

Joint Liaison Committee on Taxatio technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Feature2 records

Joint Liaison Committee on Taxatio partnerships and signals

Strategic signal

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Joint Liaison Committee on Taxatio competitors and assessment

Company assessment

Others

  • Tax Notes (Tax Analysts): Subscription-based publisher of federal and state tax news, analysis, and primary source documents. Comparable to JCT's publication function in serving tax practitioners and policymakers with legislative and regulatory tax intelligence.
  • IRS Statistics of Income (SOI) Division: IRS division that produces statistical analyses of tax return data and serves as the primary data source for JCT's microsimulation models. Directly comparable as a tax data and statistics producer, though an IRS program rather than Congressional support function.

Emerging players

  • Tax Policy Center: Joint venture of the Urban Institute and Brookings Institution providing distributional analyses of federal tax proposals. Comparable to JCT's distributional analysis function across income groups, though an academic/policy organization rather than a government entity.
  • Tax Foundation: Nonpartisan tax policy think tank producing independent analyses of federal tax proposals. Comparable in tax policy analytic output and modeling capability, though external to government and not empowered to produce official Congressional revenue estimates.
  • Penn Wharton Budget Model: Academic budget and tax microsimulation model used to produce revenue and distributional estimates of federal tax proposals. Comparable to JCT's revenue estimating and distributional analysis capabilities, though an independent academic alternative rather than official scorekeeper.

Broad incumbents

  • Bloomberg Tax: Commercial provider of tax research, news, and practice tools used by tax professionals, lawmakers, and their staffs. Comparable in serving the broader tax policy ecosystem with analysis and legislative tracking, though a commercial subscription product rather than nonpartisan government entity.
  • Government Accountability Office (GAO): Legislative-branch agency conducting audits, investigations, and program evaluations for Congress. Comparable in nonpartisan Congressional support mission, but broader in scope beyond tax and lacking JCT's microsimulation modeling focus.

Direct peers

  • Congressional Research Service (CRS): Nonpartisan legislative branch agency providing policy analysis to Members of Congress. Comparable in mission (nonpartisan technical analysis for Congress), customer base (Members and committees), and confidentiality protocols, though broader in policy domain.
  • Congressional Budget Office (CBO): Federal legislative-branch agency that produces official cost estimates for all legislation considered by Congress. Directly comparable to JCT as a nonpartisan Congressional scorekeeper, with overlapping microsimulation modeling expertise and a similar statutory mandate under the 1974 Budget Act.
  • Office of Tax Analysis (U.S. Treasury): Treasury Department office responsible for official executive-branch analyses of tax policy and revenue estimates. Directly comparable in tax microsimulation modeling capability and analytic mission, though serving the executive rather than legislative branch.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Joint Liaison Committee on Taxatio social profiles

Digital presence

Joint Liaison Committee on Taxatio financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Joint Liaison Committee on Taxatio leadership team

Management profile

Number of profiles

Profiles2 records

Joint Liaison Committee on Taxatio funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Joint Liaison Committee on Taxatio M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Joint Liaison Committee on Taxatio

What does Joint Liaison Committee on Taxatio do?

The Joint Committee on Taxation is a nonpartisan joint committee of the U.S. Congress that provides official revenue estimates, technical analysis, and legislative drafting support for all Federal tax legislation. It produces a suite of analytical products including revenue estimates, hearing pamphlets, technical explanations, committee reports, Bluebooks, tax expenditure pamphlets, distributional analyses, and macroeconomic analyses. Its core capability rests on proprietary microsimulation tax models (Individual, Corporate, International Cross Border, and Estate and Gift) fed by confidential IRS tax return data.

Is Joint Liaison Committee on Taxatio a public or private company?

Joint Liaison Committee on Taxatio is a private company. It is classified as state government owned and is currently operating.

When was Joint Liaison Committee on Taxatio founded?

Joint Liaison Committee on Taxatio was founded in 1926. It employs 101 to 250 people.

Where is Joint Liaison Committee on Taxatio based?

Joint Liaison Committee on Taxatio is headquartered in Washington, United States, in the North America region.

How does Joint Liaison Committee on Taxatio make money?

One revenue line is on record: government Appropriation.

Who are Joint Liaison Committee on Taxatio's main competitors?

Others on record are Tax Notes (Tax Analysts) and IRS Statistics of Income (SOI) Division. Emerging players are Tax Policy Center, Tax Foundation and Penn Wharton Budget Model. Broad incumbents are Bloomberg Tax and Government Accountability Office (GAO). Direct peers are Congressional Research Service (CRS), Congressional Budget Office (CBO) and Office of Tax Analysis (U.S. Treasury).

Does Joint Liaison Committee on Taxatio have an API?

No public API is recorded for Joint Liaison Committee on Taxatio.

What industry is Joint Liaison Committee on Taxatio in?

Joint Liaison Committee on Taxatio's product category is Government Tax Policy Analysis. Its primary akta.pro industry code is BPAIABAD, State/Provincial Taxation & Revenue Administration, with a secondary code of BPAIADAA, Tax Policy, Legislation & Rulings. Its NAICS code is 921.

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Live signals
DeadlineFederal Film & TV Tax Credits Not A Done Deal But Close, Adam Schiff SaysSenator Adam Schiff says a federal film and TV tax credit bill is close but not yet passed, with negotiations ongoing. The proposed 20% credit could rise to 25-30% for rural or multi-state productions. Passage faces hurdles from the midterms and the Joint Committee on Taxation.POLITICOHouse Republicans gather congressional scorekeepers to discuss Reconciliation 3.0House Republicans convened a meeting with congressional scorekeepers from the CBO and Joint Committee on Taxation to align on cost estimation methodologies for a potential third budget reconciliation bill. The GOP is planning a legislative package focused on reducing costs in housing, healthcare, and energy, while seeking to fund military operations in Iran through alleged fraud savings in social programs.EIN PresswireTCPI Honors Collective Staff of the Joint Committee on Taxation (JCT) at Annual Tax Policy and Practice SymposiumTCPI announced that current and former Joint Committee on Taxation staff will receive the 2026 Pillar of Excellence Award at its May 14-15 symposium in Washington, D.C. The award marks JCT as the 16th recipient, honoring their nonpartisan tax policy work.CongressDynamic Scoring for Tax Legislation: A Review of ModelsA Congressional Research Service report reviews the economic models used by U.S. government agencies for dynamic scoring of tax legislation, examining their structural differences and consistency with empirical evidence. The analysis focuses on methodologies employed by the Joint Committee on Taxation (JCT), the Congressional Budget Office (CBO), and the Department of the Treasury to estimate macroeconomic feedback effects such as labor supply and savings responses.Mayer BrownInto the Woods: US Congress Provides a Roadmap to Solving Cryptocurrency Tax IssuesThe Joint Committee on Taxation issued a June 2023 white paper identifying nine uncertain areas of cryptocurrency taxation, including mark-to-market, wash sales, and staking. Senators Lummis and Gillibrand proposed the Responsible Financial Innovation Act to limit stablecoin issuers to financial institutions. The report calls for Congress or the IRS to address these issues.BenzingaDonald, Melania Trump Paid Just $1,500 As Income Tax In Some Years, Report Reveals — And Raises EyebrowsDonald and Melania Trump paid a total of $1,500 in income taxes for the years 2016 and 2017, as revealed in a report by the Joint Committee on Taxation. The report indicates that during those years, they declared negative incomes of $31.2 million and $12.8 million, respectively, and paid no income taxes for 2020. It also highlights that despite a requirement, the IRS did not audit Trump during his first two years in office.Business InsiderDemocrats are actually raising taxes on the ultrawealthy, even though they're keeping a Trump tax cutThe Joint Committee on Taxation corrected its estimate of Biden's Build Back Better Plan, finding it raises average taxes for incomes over $1 million by 3.2 percentage points, reversing an earlier projection of a 1.7-point cut. The bill, which passed the House, now faces Senate amendments, including a proposed SALT cap increase to $80,000.Business InsiderThe billionaires' tax that Elon Musk hates so much would raise $557 billion over a decade, according to nonpartisan committeeSenate Finance Chair Ron Wyden proposed a billionaires' income tax to offset social spending, with the Joint Committee on Taxation estimating $557 billion in revenue over a decade. The first five years would bring $346.2 billion, and the proposal targets about 700 billionaires earning over $100 million annually.Business InsiderA new report shows that one of the biggest breaks in Trump's tax law will go to the richest AmericansThe Joint Committee on Taxation found the new pass-through business deduction will mostly benefit the wealthiest Americans. Filers making over $1 million will receive 44.3% of the total benefit in 2018, rising to 52.4% by 2024. Republicans argue the savings will reinvest in companies and spur job growth.Business InsiderWe finally got an answer on one of the House GOP tax plan's biggest questionsHouse GOP tax bill's Ways and Means Committee will approve it Thursday, with a letter from Rep. Kevin Brady clarifying that pass-through entities cannot deduct state and local taxes, only individuals. The Joint Committee on Taxation's assessment aligns with this, resolving a discrepancy that could affect hundreds of billions in revenue.