Accurate Budgeting Act

Accurate Budgeting Act

This bill amends the Congressional Budget Act of 1974 to require the Joint Committee on Taxation (JCT) to prepare a macroeconomic impact analysis for major revenue legislation. The estimates are required for revenue legislation considered on the floor of the House or Senate or reported by the House Ways and Means Committee or the Senate Finance Committee.

The macroeconomic impact analysis, commonly referred to as dynamic scoring, includes:

• the changes in economic output, employment, interest rates, capital stock, and tax revenues expected to result from the proposal;
• revenue feedback (changes in revenue resulting from changes in economic growth as a result of the proposal); and
• the assumptions and data used for the estimate.

The bill requires JCT to prepare the analysis as a supplement to the revenue estimates currently required by the Congressional Budget Act of 1974.