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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