The Congressional Budget Office (CBO) today released a report that provides options for reducing the budget deficit.
The CBO report—Options for Reducing the Deficit: 2019 to 2028 [PDF 4.23 MB]—includes proposals to address the deficit with spending cuts and revenue increases. The options for revenue propose increasing revenues by raising tax rates, imposing a new tax on income, or broadening the base for an existing tax. One option would raise revenues by increasing funding for IRS enforcement of the tax law.
In the report, CBO presented 40 separate options to revise the tax system to raise revenue. These specific proposals include changes to:
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