Via: taxfoundation.org (links to study page)
House passed it. Can you say, “Slow is beautiful”? I am sticking with my forecast that the next NBER-defined recession will [be determined to have] begi[u]n in mid-2013, whenever the NBER gets around to determining it.
A few nuggets:
- impact on GDP, –1.38 percent;
- effect on deficit, $37.2 billion reduction (on a ~$1000 billion deficit);
- $GDP/delta $Tax , –8.0X
Note that the table above obviously doesn’t include the effects of the payroll tax cut expiring. I have emailed the author and asked him to revise it.