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.
Introduced in Senate
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.
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