Accurate Budgeting Act
This bill amends the Congressional Budget Act of 1974 to require the Joint Committee on Taxation to incorporate a macroeconomic impact analysis in estimates of the budgetary effects of major revenue legislation to the extent that it is practicable.
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 also amends the Statutory Pay-As-You-Go Act of 2010 (PAYGO) to require estimates of the budgetary effects of major revenue legislation prepared for purposes of PAYGO requirements to incorporate a macroeconomic impact analysis to the extent that it is practicable.