Congressman Pat Tiberi (R-OH), Chairman of the Subcommittee on Select Revenue Measures, today announced that the Subcommittee will hold a hearing on dynamic analysis of the discussion draft of the Tax Reform Act of 2014, as released by Chairman Dave Camp on February 26, 2014. Specifically, the Subcommittee will review dynamic analyses of the macroeconomic effects of the draft conducted by outside economists, the role of dynamic analysis in assessing tax reform proposals, how dynamic analysis can provide recommendations to strengthen the draft, and recommendations for improving the availability and use of dynamic analysis. The hearing will take place on Wednesday, July 30, 2014, in 1100 Longworth House Office Building, beginning at 10:00 A.M.
In view of the limited time available to hear witnesses, oral testimony at this hearing will be from invited witnesses only. However, any individual or organization not scheduled for an oral appearance may submit a written statement for consideration by the Committee and for inclusion in the printed record of the hearing. A list of invited witnesses will follow.
As part of the Committee’s pursuit of comprehensive tax reform, Chairman Camp released on February 26, 2014, a discussion draft of legislation intended to overhaul the tax code. The draft was intended to achieve a simpler, fairer, and pro-growth tax code. In the interests of transparency and accuracy, the Chairman continues to seek feedback from a broad range of stakeholders, taxpayers, practitioners, economists, and members of the general public on how to improve the discussion draft.
The Joint Committee on Taxation (JCT) serves a critical role in the legislative process by providing expert and impartial analysis of the potential effect of proposals to change U.S. tax policy. In evaluating the discussion draft, JCT conducted both a static and a dynamic estimate. Under the static analysis, the draft is projected to reduce the deficit by $3 billion over the ten-year budget window. The dynamic analysis released by JCT demonstrates that the draft will increase output, consumption, and employment over that same ten-year window. Outside analyses performed by a wide array of economists found similar results.
In announcing this hearing, Chairman Tiberi said, “Fixing our broken tax code will strengthen the economy to help employers create more jobs and increase wages for American families. Chairman Camp has worked hard to produce a tax reform draft that does just that. This hearing provides a good opportunity to hear economic analysis on how the draft achieves this goal and to learn about more actions the Committee can take to improve the draft and the accuracy of our measurements.”
FOCUS OF THE HEARING:
The hearing will focus on macroeconomic analyses of Chairman Camp’s discussion draft and the role of dynamic analysis in evaluating options for tax reform in general. The hearing will address: (1) dynamic estimates of the effects of Chairman Camp’s discussion draft; (2) how dynamic analysis can help to assess the impact of tax reform; (3) what changes could be made to the draft to achieve stronger growth; and (4) what changes could be made to JCT’s models, assumptions, or procedures to obtain more transparent, accurate, and robust results.
DETAILS FOR SUBMISSION OF WRITTEN COMMENTS:
Please Note: Any person(s) and/or organization(s) wishing to submit written comments for the hearing record must follow the appropriate link on the hearing page of the Committee website and complete the informational forms. From the Committee homepage, http://waysandmeans.house.gov, select “Hearings.” Select the hearing for which you would like to submit, and click on the link entitled, “Click here to provide a submission for the record.” Once you have followed the online instructions, submit all requested information. ATTACH your submission as a Word document, in compliance with the formatting requirements listed below, by the close of business on Wednesday, August 13, 2014. Finally, please note that due to the change in House mail policy, the U.S. Capitol Police will refuse sealed-package deliveries to all House Office Buildings. For questions, or if you encounter technical problems, please call (202) 225-3625 or (202) 225-2610.
The Committee relies on electronic submissions for printing the official hearing record. As always, submissions will be included in the record according to the discretion of the Committee. The Committee will not alter the content of your submission, but we reserve the right to format it according to our guidelines. Any submission provided to the Committee by a witness, any supplementary materials submitted for the printed record, and any written comments in response to a request for written comments must conform to the guidelines listed below. Any submission or supplementary item not in compliance with these guidelines will not be printed, but will be maintained in the Committee files for review and use by the Committee.
1. All submissions and supplementary materials must be provided in Word format and MUST NOT exceed a total of 10 pages, including attachments. Witnesses and submitters are advised that the Committee relies on electronic submissions for printing the official hearing record.
2. Copies of whole documents submitted as exhibit material will not be accepted for printing. Instead, exhibit material should be referenced and quoted or paraphrased. All exhibit material not meeting these specifications will be maintained in the Committee files for review and use by the Committee.
3. All submissions must include a list of all clients, persons and/or organizations on whose behalf the witness appears. A supplemental sheet must accompany each submission listing the name, company, address, telephone, and fax numbers of each witness.
The Committee seeks to make its facilities accessible to persons with disabilities. If you are in need of special accommodations, please call 202-225-1721 or 202-226-3411 TTD/TTY in advance of the event (four business days notice is requested). Questions with regard to special accommodation needs in general (including availability of Committee materials in alternative formats) may be directed to the Committee as noted above.
Note: All Committee advisories and news releases are available on the World Wide Web at http://www.waysandmeans.house.gov/.