United States Congress Joint Committee on Taxation

The Joint Committee on Taxation (JCT) is a Committee of the U.S. Congress established under the Internal Revenue Code at 26 U.S.C. § 8001.

The Joint Committee is composed of ten Members: five from the Senate Finance Committee and five from the House Ways and Means Committee.

The Joint Committee is chaired on a rotating basis by the Chair of the Senate Finance Committee and the Chair of the House Ways and Means Committee. During the first Session of each Congress the House has the joint committee chair and the Senate has the vice-chair; during the second session the roles are reversed.

The Members of the Joint Committee choose the Chief of Staff of the Joint Committee, who is responsible for selecting the remainder of the staff on a nonpartisan basis. Since May 15, 2009, the Chief of Staff of the Joint Committee has been Thomas A. Barthold.

The duties of the Joint Committee are:

With respect to the estimation of revenues for Congress, the Joint Committee serves a purpose parallel to that of the Congressional Budget Office for the estimation of spending for Congress, the Department of the Treasury for the estimation of revenues for the executive branch, and the Office of Management and Budget for the estimation of spending for the executive branch.

In 1924, Senator James Couzens (Michigan) introduced a resolution in the Senate for the creation of a Select Committee to investigate the Bureau of Internal Revenue. At the time, there were reports of inefficiency and waste in the Bureau and allegations that the method of making refunds created the opportunity for fraud. One of the issues investigated by the Select Committee was the valuation of oil properties. The Committee found that there appeared to be no system, no adherence to principle, and a total absence of competent supervision in the determination of oil property values.

...
Wikipedia