CSPAN Key Capitol Hill Hearings January 27, 2015
Revenue from individual income taxes are expected to rise relative to gdp, because incomes will move into higher tax bracket as income gains outpace inflation to which the brackets are indexed. But those increases are expected to be offset by reduction in the Corporate Income tax and other sources. Turning from the budget of the economy, we anticipate that Economic Activity will expand at a solid pace in 2015 and the next few years, reducing the amount of underused resources or slack in the economy. In our estimation, increases in consumer spending, business investment, and residential investm...