Let's Get Specific Series
Let's Get Specific is where CRFB will compile a growing list of specific measures lawmakers can enact to reduce the federal deficit. More explanantion-----
Spending Cuts
10-Year Savings (billions)*
| Item 1 | ||
| Item 2 | ||
| Item 3 | ||
Tax Increases
10-Year Savings (billions)*
| Mortgage Interest Deduction |
||
| Reduce the maximum mortgage on which interest can be deducted from $1.1 million to $500,000 | $41.4 | |
| Convert the mortgage interest deduction to a 15 percent tax credit | $387.6 | |
| Gas Tax |
||
| 25 cent increase | $305.1 | |
| 50 cent increase | $604.8 | |
Total |
$346.5 - $992.4 |
* Amount saved based on CBO estimate of what each measure would save over a 10-year window, unless otherwise indicated.