The cost of policies Congress may consider.
2024 government spending on key areas of the budget.
The cost of tax breaks (i.e. spending through the tax code).
“Biden Administration Student Debt Changes” is the average annual cost of a regulatory action that created a new Income-Driven Repayment (IDR) plan for student loan borrowers. The new plan increased the amount of income exempt from payment calculations, reduced the required percentage of income paid on undergraduate loans, eliminated interest accrual when payments don't cover the entire amount, and reduced the number of years in payment from 20 to 10 for borrowers who took out less than $22,000, among other changes.
"Elimination of Taxes on Tips" is the average annual cost of eliminating taxes on tips with guardrails to prevent extreme abuse, as proposed by former President Trump.
“Expansion of Health Insurance Premium Tax Credits” is the average annual cost of permanently extending the enhanced premium tax credits for Affordable Care Act marketplace plans.
"Repeal of Taxation on Social Security Benefits" is the average annual cost of eliminating taxation on Social Security benefits, as proposed by former President Donald Trump.
"TCJA Extension (Under 400K)" is the average annual cost of extending the expiring individual tax provisions of the Tax Cuts and Jobs Act (TCJA) - except those explicitly reversed in President Biden's Fiscal Year 2025 budget - for households making less than $400,000 per year, as proposed by Vice President Kamala Harris.
"TCJA Individual Tax Cuts Extension" is the average annual cost of extending the individual and estate tax provisions of the Tax Cuts and Jobs Act (TCJA) at the end of 2025.
"Paid Family Leave" is the average annual cost of a federal program to provide four weeks of paid time off to family members who have to care for a newborn or seriously ill family member.
"Universal Pre-K" is the average annual cost of a federal program to provide universal pre-K education to every child in the United States.
"Child Tax Credit Expansion" is the average annual cost of making the Child Tax Credit fully refundable, expanding eligibility to 17-year-olds, and increasing the size of the benefit to $6,000 for newborns, $3,600 for children under six, and $3,000 for children six years and older, as proposed in Vice President Kamala Harris's New Way Forward for the Middle Class.
"Earned Income Tax Credit Expansion" is the average annual cost of expanding the Earned Income Tax Credit for workers without dependent children.
"SALT Deduction Cap Increase” is the average annual cost of increasing the cap on the state and local tax deduction (SALT) to $80,000. The SALT deduction allows those who itemize their taxes to exclude taxes paid to their state and local governments from their taxable income.
"WEP/GPO Repeal" is the average annual cost of repealing Social Security's Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), which are provisions designed to reduce certain excessive Social Security payments.
"Extend Expensing of Equipment and Research" is the average annual cost of allowing businesses to write off research and experimentation (R&E) expenses immediately instead of over several years and continuing 100 percent bonus depreciation, which allows business equipment purchases to be deducted immediately, instead of phasing it out.
"Delay Tighter Limit on Business Interest Deductibility" is the average annual cost of adopting the pre-2022 practice of limiting the interest deduction to 30 percent of business earnings before interest, taxes, depreciation, and amortization (EBITDA) as opposed to just before income and taxes (EBIT), as proposed in the Wyden-Smith tax package.
“Free Community College” is the average annual cost of a federal program to provide free community college for two years to every citizen in the United States.
"Suspend Medicare Sequester" is the average annual cost of suspending a scheduled 2 percent cut to Medicare payments.
"Child Care Subsidies” is the average annual cost of the federal government providing money to individual states to create programs that help offset the costs of child care.