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.