A bill requiring 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.

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 $100 million in any fiscal year.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 27 July 1998

   Introduced

   Read twice and referred jointly to the Committees on Budget; Governmental Affairs pursuant to the order of August 4, 1977, that if one Committee report, the other Committee have thirty days to report or be discharged.

   Source: IntroReferral

2. 27 July 1998

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 27 July 1998 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 27 July 1998

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 27 July 1998

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 27 July 1998

  Open at official source

Sponsors

• Sen. Ashcroft, John [R-MO] · R · Sponsor
• Rep. Inhofe, James M. [R-OK-1] · R · Sponsor
• Rep. Kyl, Jon [R-AZ-4] · R · Sponsor
• Sen. Abraham, Spencer [R-MI] · R · Cosponsor
• Sen. Brownback, Sam [R-KS] · R · Cosponsor
• Sen. Grams, Rod [R-MN] · R · Cosponsor
• Rep. Craig, Larry E. [R-ID-1] · R · Cosponsor
• · ssga00 · Standing
• · ssbu00 · Standing

Related records

• related to → Requiring 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.