Table 4
Comparisons of estimated macroeconomic multipliers
| Congressional Budget Office compared with Moodys Analytics Economy.com (MAEC) | CBO, average | MAEC |
|---|---|---|
| Refundable lump-sum tax rebate | 1.5 | 1.2 |
| Nonrefundable lump-sum tax rebate | 1.1 | 1 |
| Child tax credit included in American Recovery and Reinvestment Act (ARRA) | 1.5 | 1.4 |
| New jobs tax credit | 0.9 | 1.3 |
| Earned Income Tax Credit in ARRA | 1.5 | 1.2 |
| Making Work Pay tax credit | 1.1 | 1.2 |
| Payroll tax holiday | 0.6 | 1.1 |
| Housing tax credit | 0.6 | 0.9 |
| Accelerated depreciation | 0.2 | 0.3 |
| Loss carryback tax credit | 0.2 | 0.2 |
| Extension of alternative minimum tax (AMT) | 0.4 | 0.5 |
| Dividend and capital gains tax cuts | 0.4 | 0.4 |
| Bush income tax cuts | 0.4 | 0.4 |
| Cut in corporate tax rate | 0.4 | 0.3 |
| Food stamps | 1.5 | 1.7 |
| Unemployment insurance | 1.5 | 1.6 |
| Infrastructure spending | 1.8 | 1.6 |
| Aid to states | 1.3 | 1.4 |
| Congressional Budget Office compared with Council of Economic Advisers | CBO, average | CEA |
| Public investments | 1.8 | 1.5 |
| State and local fiscal support | 1.3 | 1.1 |
| Income-support payments | 1.5 | 1.5 |
| One-time payments to retirees | 0.7 | 0.4 |
| Tax cuts to individuals | 1.1 | 0.8 |
| AMT patch | 0.4 | 0.4 |
| Business tax incentives | 0.2 | 0.1 |
Source: Congressional Budget Office (2012), Zandi (2011), and the Council of Economic Advisers (2011)
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