ABSTRACT

Congressional Budget Office Cost Estimate: H.R. 1185, The FAMILY Act   [open pdf - 75KB]

This is the Congressional Budget Office Cost Estimate as introduced on February 13, 2019. From the Summary: "H.R. 1185 would provide family and medical leave benefits for eligible people and impose a 0.4 percent payroll tax that would be split evenly between employers and employees. CBO [Congressional Budge Office] estimates that enacting the bill would increase direct spending by $547 billion over the 2020-2030 period--$521 billion for benefits and $27 billion for program administration (see Table 1). JCT [Joint Committee on Taxation] estimates that enacting the payroll tax would increase net federal revenues by $319 billion over the 2020-2030 period. (The new payroll tax would raise a total of $361 billion over the period, but that amount would be offset by a reduction of $42 billion in income tax revenues.) In total, we estimate that the bill would increase the deficit by $228 billion over the 2020-2030 period."

Publisher:
Date:
2020-02-13
Copyright:
Public Domain
Retrieved From:
Congressional Budget Office: http://www.cbo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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