The Joint Committee on Taxation yesterday issued Macroeconomic Analysis Of Various Proposals To Provide $500 Billion In Tax Relief (JCX-4-05).  Here is the Introduction:

This document, prepared by the staff of the Joint Committee on Taxation, provides a macroeconomic analysis of various proposals to provide $500 billion in tax relief. The Joint Committee staff reports the results of simulations of three different tax policies using both the Joint Committee staff’s Macroeconomic Equilibrium Growth model and an overlapping generations life cycle model. This document provides an analysis of how changes in tax policy may affect the nation’s economy. This is part of the Joint Committee’s work to model the macroeconomic effects of proposed tax legislation and to provide information about macroeconomic models and their assumptions.