[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3102 Introduced in Senate (IS)]
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116th CONGRESS
1st Session
S. 3102
To require the Bureau of Economic Analysis of the Department of
Commerce to provide estimates relating to the distribution of aggregate
economic growth across specific percentile groups of income.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
December 18, 2019
Mr. Schumer (for himself, Mr. Heinrich, Mr. Udall, Mr. Peters, Ms.
Smith, Mr. Cardin, Ms. Hassan, Ms. Klobuchar, Mr. Van Hollen, Mr.
Durbin, Ms. Warren, Mr. Blumenthal, Ms. Hirono, Mr. Wyden, Mr. Booker,
Mr. Sanders, Mr. Brown, Mr. Bennet, Mr. Reed, Mr. Warner, Ms. Baldwin,
Mr. Casey, and Mr. Markey) introduced the following bill; which was
read twice and referred to the Committee on Commerce, Science, and
Transportation
_______________________________________________________________________
A BILL
To require the Bureau of Economic Analysis of the Department of
Commerce to provide estimates relating to the distribution of aggregate
economic growth across specific percentile groups of income.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Measuring Real Income Growth Act of
2019''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) Economic inequality in the United States has increased
dramatically during the 4 decades preceding the date of
enactment of this Act, with fewer households taking home a
larger share of the national income.
(2) While growth was once distributed relatively evenly
across all individuals in the United States, research shows
that economic gains are increasingly enjoyed by the most
affluent. By contrast, the majority of individuals in the
United States have seen income and wage growth significantly
below what is suggested by national measures of output and
income.
(3) The Bureau of Economic Analysis of the Department of
Commerce (referred to in this section as ``BEA'') reports
annual and quarterly estimates of gross domestic product
(referred to in this section as ``GDP'') in the United States.
These estimates are important measures of the overall size and
health of the economy of the United States but do not describe
how economic gains are distributed across the population of the
United States.
(4) In a country of 325,000,000 individuals, top-line GDP
numbers do not capture the full range of household economic
experiences and may be misleading. For example, the real GDP
grew more than 3 percent annually between 2003 and 2005, but
the average income for \1/2\ of all individuals in the United
States fell during that period.
(5) Disaggregating economic growth by income groups will
provide a more complete picture of how families in the United
States are faring across all rungs of the economic ladder and
whether economic growth is benefitting all individuals in the
United States.
(6) Recent academic estimates of distributional growth show
how much of the economic gains during the 40 years preceding
the date of enactment of this Act have accrued to the top of
the income distribution. Between 1980 and 2014, the average
income of the top 1 percent of the income distribution grew 5
times as much as the average income of the bottom 90 percent of
the income distribution and more than 9 times as much as the
average income of the bottom \1/2\.
(7) Official and timely estimates of distributional growth
from BEA, reported alongside top-line GDP numbers, would enable
Congress to better evaluate economic policies that impact every
individual in the United States.
(8) Efforts to address slow wage growth, stagnant incomes,
and growing economic inequality require broadening the focus
beyond GDP and obtaining metrics that better correspond to the
experiences of all families in the United States.
SEC. 3. ESTIMATES OF AGGREGATE ECONOMIC GROWTH ACROSS INCOME GROUPS.
(a) Definitions.--In this section:
(1) Bureau.--The term ``Bureau'' means the Bureau of
Economic Analysis of the Department of Commerce.
(2) Gross domestic product analysis.--The term ``gross
domestic product analysis''--
(A) means a quarterly or annual analysis conducted
by the Bureau with respect to the gross domestic
product of the United States; and
(B) includes a revision prepared by the Bureau of
an analysis described in subparagraph (A).
(b) Inclusion in Reports.--
(1) In general.--With respect to each gross domestic
product analysis that is conducted on or after the date that is
1 year after the date of enactment of this Act, the Bureau
shall include in the gross domestic product analysis a recent
estimate of, with respect to specific percentile groups of
income, the total amount that was added to the economy of the
United States during the period to which the gross domestic
product analysis pertains, including in--
(A) each of the 10 deciles of income; and
(B) the highest 1 percent of income.
(2) Recent estimates.--With respect to each recent estimate
that, under paragraph (1), the Bureau is required to include in
a gross domestic product analysis, that estimate shall be the
most recent estimate that is available on the date on which
that gross domestic product analysis is conducted.
(3) Authorization of appropriations.--There are authorized
to be appropriated to the Secretary of Commerce such sums as
are necessary to carry out this subsection.
(c) Authority To Share Information With BEA.--
(1) In general.--Subparagraph (B) of section 6103(j)(1) of
the Internal Revenue Code of 1986 is amended by striking ``such
return information reflected on returns of corporations'' and
inserting ``such returns, or return information reflected
thereon,''.
(2) Application of subchapter iii of chapter 35 of title
44.--The provisions of subchapter III of chapter 35 of title
44, United States Code, relating to the confidentiality and
disclosure of information shall apply to any return or return
information acquired by the Bureau under section 6103(j)(1)(B)
of the Internal Revenue Code, as amended by paragraph (1).
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