The Joint Committee on Taxation just came out with their estimate on the revenue effects of the CV-3, aka CARES Act. Those “checks” that are going out with the President’s name in the memo line – nearly $300 billion over two years. Delaying payroll taxes will be a more than $350 billion hit over the next couple years, but most of that is recouped the two years after that. Rolling back some of the offsets included to shrink the price of the increasingly costly 2017 tax bill will also add well over a $100 billion to this bill. This is just the revenue effects of the CARES Act, so it doesn’t include all the appropriations, loans and loan guarantees.

The estimate is here on our website.