Accurate Budgeting Act

“407. Macroeconomic impact analysis of major revenue legislation

“(a) Joint Committee on Taxation—The Joint Committee on Taxation shall, to the extent practicable, prepare for each major revenue bill or resolution which is—

“(1) reported by the Committee on Ways and Means of the House of Representatives or the Committee on Finance of the Senate; or

“(2) considered on the floor of the House of Representatives or the Senate,

“(b) Definitions—As used in this section:

“(1) Macroeconomic impact analysis—The term macroeconomic impact analysis means—

“(A) an estimate of the changes in economic output, employment, interest rates, capital stock, and tax revenues expected to result from the revenue provisions in the proposal to which section 201(f) applies;

“(B) an estimate of revenue feedback expected to result from those revenue provisions; and

“(C) a statement identifying the critical assumptions and the source of data underlying that estimate, to the extent necessary to make the models comprehensible to academic and public policy analysts.

“(2) Major revenue bill or resolution—The term major revenue bill or resolution means a bill, resolution, or conference report for which—

“(A) either—

“(i) the sum of the positive changes in revenues resulting from such measure (not including the impact of any timing shifts for the due date for estimated corporate income tax payments) for any fiscal year in the period for which an estimate is prepared under section 402; or

“(ii) the absolute value of the sum of the negative changes in revenues resulting from such measure (not including the impact of any timing shifts for the due date for estimated corporate income tax payments) for any fiscal year for which such an estimate is prepared,

“(B) 0.25 percent of the current projected gross domestic product of the United States (as determined by the Bureau of Economic Analysis of the Department of Commerce) for such fiscal year.

“(3) Revenue feedback—The term revenue feedback means changes in revenue resulting from changes in economic growth as the result of the enactment of any major revenue bill or resolution.”