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Tax Reform Proposal Would Increase Jobs and GDP

Created on February 26, 2014

Tax Reform Proposal Would Increase Jobs and GDP

Article ID: dave-camp-tax-reform-3

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Read the original report, "Heritage’s Macroeconomic Estimate of Camp’s Tax Reform Proposal."

Chairman Dave Camp’s Tax Reform Act of 2014 would have immediate benefits to the economy. Each year on average, 548,000 jobs would be added and GDP would increase by $92 billion through 2024. And while domestic investment would have little net change, consumer spending would increase by an average of $170 billion over the 10-year forecast. Unlike the other variables which peak and then decline, consumer spending would continue to rise each year, reaching $269 billion in 2024.

Source: Heritage Foundation calculations using data from the IHS Global Insight 2014 February Quarterly U.S. Macroeconomic Model.

Tags: dave-camp, tax-reform