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.
The source supplies the latest action, but no lifecycle stage.
Latest action (27 Jul 1998): 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.
What this bill does
S. 2357 would require the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) to supplement their standard "static" revenue estimates with "dynamic" estimates when analyzing proposed changes to federal revenue law. Dynamic estimates would attempt to account for how taxpayers and businesses might change their behavior in response to a law, as well as broader macroeconomic feedback effects. This additional analysis would be required only for proposed changes that a static estimate shows would affect revenue by more than $100 million in any fiscal year. Any report using a dynamic estimate would also have to include the underlying static estimate and a written explanation of the economic, technical, and behavioral assumptions used in both.
The bill primarily affects the internal practices of CBO and JCT, the two nonpartisan offices that provide Congress with cost and revenue estimates for legislation. It would also affect how members of Congress and the public receive information about the fiscal effects of tax law changes, since additional modeling and disclosure would accompany qualifying estimates. The bill allows CBO and JCT to contract with universities or other organizations to help develop or perform this dynamic modeling, subject to available funding.
The bill was introduced by Senator John Ashcroft, with Senators Inhofe and Kyl as cosponsors, and referred jointly to the Senate Committees on the Budget and on Governmental Affairs under a special order allowing one committee to act while giving the other a limited window to act or be discharged. It was introduced on July 27, 1998, in the 105th Congress and did not receive a vote; no further action occurred before that Congress ended.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official 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.
Timeline
27 Jul 1998
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.
Common questions
- What does S. 2357 do?
- S. 2357 would require the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) to supplement their standard "static" revenue estimates with "dynamic" estimates when analyzing proposed changes to federal revenue law. Dynamic estimates would attempt to account for how taxpayers and businesses might change their behavior in response to a law, as well as broader macroeconomic feedback effects. This additional analysis would be required only for proposed changes that a static estimate shows would affect revenue by more than $100 million in any fiscal year. Any report using a dynamic estimate would also have to include the underlying static estimate and a written explanation of the economic, technical, and behavioral assumptions used in both. The bill primarily affects the internal practices of CBO and JCT, the two nonpartisan offices that provide Congress with cost and revenue estimates for legislation. It would also affect how members of Congress and the public receive information about the fiscal effects of tax law changes, since additional modeling and disclosure would accompany qualifying estimates. The bill allows CBO and JCT to contract with universities or other organizations to help develop or perform this dynamic modeling, subject to available funding. The bill was introduced by Senator John Ashcroft, with Senators Inhofe and Kyl as cosponsors, and referred jointly to the Senate Committees on the Budget and on Governmental Affairs under a special order allowing one committee to act while giving the other a limited window to act or be discharged. It was introduced on July 27, 1998, in the 105th Congress and did not receive a vote; no further action occurred before that Congress ended.
- Has S. 2357 become law?
- The source does not supply a confirmed lifecycle stage for S. 2357. Check the latest action and official source below.
- Who sponsored S. 2357?
- S. 2357 was sponsored by Sen. Ashcroft, John [R-MO] (R-MO), with 6 cosponsors.
- What's the latest action on S. 2357?
- 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. (27 Jul 1998).
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