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Economic Stimulus: Evaluating Proposed Changes in Tax Policy [i] (January 2002)

handle is hein.congrec/cbo0696 and id is 1 raw text is: Economic Stimulus: Evaluating Proposed Changes in Tax Policy January 2002 Preface The sustained slowdown in U.S. economic growth over the past year--despite interest rate cuts by the Federal Reserve and the passage, last summer, of the Economic Growth and Tax Relief Reconciliation Act--has prompted calls for additional stimulative action by the Congress. This Congressional Budget Office (CBO) paper discusses some general economic principles that underlie fiscal stimulus and assesses several proposed changes in tax policy intended to boost demand in the short term. The report responds to questions about fiscal stimulus raised by the Chairman of the Senate Budget Committee. In accordance with CBO's mandate to provide impartial analysis, the paper contains no recommendations. Thomas Woodward of CBO's Tax Analysis Division and John Sturrock of CBO's Macroeconomic Analysis Division wrote the report. Mark Booth, Ufuk Demiroglu, Barbara Edwards, Ed Harris, Mark Lasky, Carolyn Lynch, and David Weiner also contributed to the analysis. Robert Dennis, Doug Hamilton, Arlene Holen, and Roberton Williams provided helpful comments on earlier versions of the report. Leah Mazade edited the paper, and Christine Bogusz proofread it. Linda Lewis Harris drafted the table, Kathryn Winstead prepared the paper for publication, and Lenny Skutnik produced the printed copies. Annette Kalicki prepared the electronic versions for CBO's Web site. Dan L. Crippen Director January 2002 Contents Summary Limitations of the Analysis * The Need for Stimulus The Interaction of Monetary and Fiscal Policy Spending as an Alternative or Supplement to Tax Stimulus Short-Term Stimulus Versus Long-Term Growth

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