Max Baucus: “In summary, it shows a provision that begins with revenue increases but then shows revenue losses. Specifically, it…”

“In summary, it shows a provision that begins with revenue increases but then shows revenue losses. Specifically, it shows revenue losses of $1.1 billion in year 5, $1.5 billion in year 6, $1.7 billion in year 7, $1.9 billion in year 8, $2.1 billion in year 9, and $2.3 billion in year 10. Now, if this provision were the only provision in a budget reconciliation bill covering years 2006 through 2010, it would plainly violate section 313(b)(1)(E) of the Congressional Budget Act because of its revenue losses in the out years. This is of course a simplistic analysis. There are other provisions in the bill before us. The question then arises whether those other provisions raise more revenue than the Roth IRA provision loses. My Finance Committee staff have taken the Joint Tax Committee estimates for these other provisions--all the revenue raisers--and projected their current rate of growth into the future. The results are shown in another table, which I ask unanimous consent be printed in the Record.…”