A bill to require the Congressional Budget Office and the Joint Committee on Taxation to use dynamic economic modeling in addition to static economic modeling in the preparation of budgetary estimates of proposed changes in Federal revenue law.

Bill Number

S 675

Introduced

Mar 20, 2003

Latest Action

Committee on Governmental Affairs referred to Subcommittee on Financial Management, the Budget, and International Securi ...

Sponsor

Cosponsors

Topics

Commerce Congress Congressional agencies Congressional Budget Office Congressional joint committees Congressional reporting requirements Economic forecasting Economic impact statements Economic research Economic statistics Economics and Public Finance Federal budgets Fiscal policy Government Operations and Politics Income tax Joint Taxation Legislation Taxation

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Summary

Expresses the sense of the Congress that it is necessary to ensure that the Congress is presented with reliable information from the Congressional Budget Office (CBO) and the Joint Committee on Taxation as to the dynamic macroeconomic feedback effects to changes in Federal law and the probable behavioral responses of taxpayers, businesses, and other parties to such changes.

Requires the Joint Committee and CBO to prepare fiscal estimates of each proposed change in Federal revenue law on the basis of assumptions that estimate the probable behavioral responses of personal and business taxpayers and other relevant entities to such change and its dynamic macroeconomic feedback effects. Applies such requirement only to proposed changes that, pursuant to static fiscal estimates, have a fiscal impact exceeding $275 million in any fiscal year.

Actions

Jun 20, 2003

Committee on Governmental Affairs referred to Subcommittee on Financial Management, the Budget, and International Security.
Mar 20, 2003

Read twice and referred jointly to the Committees on the Budget; Governmental Affairs pursuant to the order of August 4, 1977, with instructions that if one Committee reports, the other Committee have thirty days to report or be discharged. (text of measure as introduced: CR S4172-4173)
Mar 20, 2003

Sponsor introductory remarks on measure. (CR S4172)
Mar 20, 2003

Introduced in Senate

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