table for Marc op-ed
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Illustrative Framework to Improve the TCJA
| Policy | Potential Revenue, 2020-2029 |
|---|---|
| Expand SALT cap to businesses, reduce cap in half for single taxpayers, and further scale back mortgage deduction* | $500 billion |
| Make expensing permanent while tightening the interest deduction cap | -$50 billion |
| Make the child tax credit fully refundable and phase it out at higher incomes* | -$50 billion |
| Repeal or reform the pass-through deduction and limits on losses* | $200 billion |
| Repeal scheduled amortization of research & experimentation | -$100 billion |
| Permanently repeal the alternative minimum tax (AMT) and estate tax | -$500 billion |
| Limit the value of deductions (including standard deduction) and exclusions for higher earners | $500 billion |
| Eliminate step-up basis of capital gains and establish an inheritance tax | $500 billion |
| Extend structural reforms and other provisions in a fiscally responsible manner | $0 to $500 billion |
| Total Potential Revenue Gain | $1 trillion to $1.5 trillion |
| Increase in deficit from the TCJA (2020-2029)` | ~$1 trillion |
Revenue estimates extremely rough. *Changes to non-business SALT cap, mortgage deduction, child tax credit, and pass-through deduction assumed only through 2025 expirations; other provisions are assumed permanent
`Figure based on CBO, excludes debt service but include macroeconomic feedback to revenue and interest costs.
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