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This week’s IGM Economic Experts Panel statements:
A) Changing federal income tax rates, or the income bases to which those rates apply, can affect federal tax revenues partly by altering people’s behavior, and thus their actual or reported incomes.
B) To the extent that a given tax change might affect revenues partly by affecting national-income growth, existing research provides enough guidance to generate informative bounds on the size of any growth-driven revenue effect.
C) For large proposed changes in tax rates or the tax base, official revenue forecasts provided to Congress would probably be more accurate if the CBO and JCT tried to estimate fully how the proposed tax changes would affect growth-driven revenue.
This week’s IGM Economic Experts Panel statements:
A) By lowering bargaining costs, fast-track negotiating authority for the president makes it more likely that the U.S. can conclude major trade deals.
B) Past major trade deals have benefited most Americans.
This week’s IGM Economic Experts Panel statement:
Legislation introduced in Congress would require the Federal Reserve to "submit to the appropriate congressional committees…a Directive Policy Rule", which shall "describe the strategy or rule of the Federal Open Market Committee for the systematic quantitative adjustment of the Policy Instrument Target to respond to a change in the Intermediate Policy Inputs." Should the Fed deviate from the rule, the Fed Chair would have to "testify before the appropriate congressional committees as to why the [rule]…is not in compliance." Enacting this provision would improve monetary policy outcomes in the U.S.
This week’s IGM Economic Experts Panel statement:
Because all federal spending and taxes must be approved by both houses of Congress and the executive branch, a separate debt ceiling that has to be increased periodically creates unneeded uncertainty and can potentially lead to worse fiscal outcomes.
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