Policy modifications for CPC FY2016 budget alternative (billions of dollars)
| Total | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2016–2020 | 2016–2025 | 2015–2025 | |
| Total deficit under CBO March 2015 current law baseline | -486 | -455 | -455 | -489 | -607 | -696 | -763 | -900 | -907 | -899 | -1,038 | -2,701 | -7,209 | -7,695 |
| Additional revenue policy adjustments (impact on primary budget deficit, billions of dollars) | ||||||||||||||
| Immediately revert to 36% and 39.6% rates for those above $250k/$200k. Leave in place other Bush tax cuts permanently. Enact Fairness in Taxation Act, equalization and Obama policy refundable tax credits | 50 | 127 | 133 | 140 | 146 | 154 | 161 | 169 | 177 | 186 | 596 | 1,443 | 1,443 | |
| Repeal the step-up basis for capital gains at death | 21 | 30 | 31 | 33 | 35 | 36 | 38 | 40 | 42 | 44 | 150 | 352 | 352 | |
| Cap the value of item. deductions at 28% | 28 | 45 | 49 | 53 | 56 | 60 | 63 | 67 | 71 | 74 | 231 | 566 | 566 | |
| End exclusion of foreign-earned income | 5 | 7 | 7 | 7 | 8 | 8 | 8 | 9 | 9 | 10 | 33 | 77 | 77 | |
| Deny the home mortgage interest deduction for yachts and vacation homes | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 6 | 14 | 14 | |
| Close S corporation loophole | 4 | 6 | 7 | 7 | 7 | 8 | 8 | 9 | 9 | 9 | 32 | 75 | 75 | |
| End deferral and reform foreign tax credit | 36 | 69 | 67 | 65 | 63 | 61 | 60 | 58 | 56 | 59 | 300 | 595 | 595 | |
| Anti-inversion provisions | 1 | 2 | 2 | 3 | 3 | 4 | 4 | 5 | 5 | 5 | 11 | 34 | 34 | |
| Curb corporate deductions for stock options | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 12 | 26 | 26 | |
| Limit deductibility of executive bonus pay | 4 | 6 | 6 | 6 | 6 | 5 | 5 | 5 | 4 | 4 | 4 | 29 | 51 | 54 |
| Eliminate corporate jet provisions | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 2 | 3 | 3 | |
| Reduce the deductibility of corporate meals and entertainment (25%) | 5 | 7 | 7 | 7 | 7 | 7 | 7 | 8 | 8 | 8 | 32 | 70 | 70 | |
| End direct advertising of certain foods | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 7 | 15 | 15 | |
| Increase the excise tax on cigarettes by 50 cents per pack | 0 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 19 | 38 | 38 |
| Eliminate fossil fuel preferences (EPWA) | 13 | 14 | 11 | 10 | 10 | 10 | 10 | 10 | 11 | 11 | 57 | 110 | 110 | |
| Price carbon at $25 (refunding 25%) | 0 | 75 | 105 | 110 | 116 | 122 | 129 | 135 | 143 | 150 | 156 | 529 | 1,242 | 1,242 |
| Reinstate superfund taxes | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 10 | 21 | 21 | |
| Unemployment Insurance Solvency Act | 0 | 0 | 4 | 4 | 3 | 4 | 4 | 6 | 6 | 7 | 7 | 14 | 45 | 45 |
| Financial transactions tax | 61 | 84 | 87 | 89 | 92 | 95 | 98 | 101 | 104 | 108 | 414 | 921 | 921 | |
| Excise tax on systemically important financial institutions | 6 | 11 | 11 | 11 | 11 | 12 | 12 | 12 | 13 | 13 | 50 | 112 | 112 | |
| Progressive estate tax reform | 7 | 12 | 14 | 15 | 17 | 19 | 21 | 23 | 25 | 27 | 65 | 178 | 178 | |
| Repeal excise tax on high-premium insurance plans | -3 | -6 | -7 | -9 | -11 | -14 | -17 | -21 | -16 | -88 | -88 | |||
| Eliminate Highway Fund shortfall with 15 cent fuel charge | 14 | 20 | 20 | 21 | 21 | 21 | 21 | 22 | 22 | 23 | 96 | 206 | 206 | |
| Comprehensive immigration reform (total budgetary effect) | -5 | -1 | 17 | 18 | 19 | 21 | 25 | 30 | 33 | 39 | 41 | 73 | 241 | 237 |
| Additional spending policy adjustments (impact on primary budget deficit, billions of dollars) | ||||||||||||||
| Repeal BCA mandatory and discretionary cuts (both phases) | -11 | -34 | -50 | -56 | -62 | -69 | -74 | -81 | -88 | -92 | -75 | -271 | -683 | -694 |
| Infrastructure investments | -75 | -115 | -85 | -85 | -75 | -70 | -60 | -61 | -63 | -64 | -66 | -430 | -745 | -820 |
| Additional job creation credits and provisions | -278 | -233 | -121 | -60 | -74 | -74 | -78 | -80 | -84 | -88 | -92 | -563 | -984 | -1,261 |
| Investments (NDD increases over removing BCA) | -41 | -103 | -160 | -171 | -159 | -153 | -151 | -149 | -152 | -158 | -165 | -746 | -1,521 | -1,562 |
| Preschool for all | 0 | 0 | -1 | -3 | -5 | -7 | -9 | -10 | -11 | -10 | -9 | -17 | -66 | -66 |
| Affordable College and Refinancing Student Loans | 0 | -92 | -30 | -31 | -32 | -32 | -33 | -34 | -35 | -36 | -37 | -217 | -392 | -392 |
| Restore SNAP benefit levels and child nutrition | -5 | -3 | -2 | -2 | -2 | -2 | -2 | -2 | -2 | -2 | -2 | -11 | -21 | -25 |
| OCO windown (both 050 and 150) | 0 | 57 | 66 | 72 | 75 | 77 | 79 | 81 | 83 | 84 | 86 | 347 | 761 | 761 |
| Base DOD adjustments (to remain at current law funding levels) | 0 | 6 | 7 | 9 | 11 | 13 | 15 | 16 | 18 | 19 | 21 | 46 | 134 | 134 |
| Repeal Medicare SGR | -8 | -13 | -11 | -10 | -10 | -11 | -12 | -14 | -15 | -16 | -16 | -54 | -127 | -135 |
| Negotiate Rx payments for Medicare | 0 | 3 | 8 | 9 | 11 | 12 | 14 | 16 | 19 | 23 | 24 | 43 | 139 | 139 |
| Public option | 0 | 2 | 12 | 18 | 21 | 23 | 24 | 27 | 28 | 30 | 32 | 75 | 218 | 218 |
| Reform rules for Rx development/release | 0 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 6 | 16 | 16 |
| Reduce fraud, waste, and abuse in Medicaid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Payment and administrative cost improvements | 0 | 0 | 0 | 1 | 3 | 5 | 8 | 9 | 10 | 10 | 11 | 10 | 58 | 58 |
| Replace growth rate of civilian and veteran retirement programs with CPI-E | 0 | 0 | -1 | -1 | -1 | -1 | -2 | -2 | -3 | -4 | -4 | -4 | -18 | -18 |
| Reduce agriculture subsidies | 0 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 7 | 16 | 16 |
| Public financing of campaigns | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -5 | -11 | -12 |
| Net policy adjustments (primary) | -419 | -187 | 209 | 284 | 313 | 348 | 383 | 411 | 425 | 447 | 487 | 968 | 3,121 | 2,701 |
| Debt service impact of policy adjustments | -1 | -8 | -9 | -4 | 7 | 19 | 34 | 50 | 68 | 88 | 106 | 6 | 351 | 706 |
| Net impact of policy adjustments | -421 | -195 | 201 | 281 | 320 | 367 | 417 | 461 | 493 | 535 | 593 | 973 | 3,472 | 3,051 |
| CPC FY16 deficit | -906 | -650 | -254 | -208 | -287 | -329 | -345 | -440 | -415 | -365 | -446 | -1,728 | -3,738 | -4,644 |
Note: Numbers may not add up due to rounding.