Read: Draft of G.O.P. Cost Cuts for Tax Bill

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Closing the EV credit leasing loophole ensures that only EV buyers, not lessees,
receive tax credits, preserving integrity of the program and preventing misuse of
taxpayer dollars.
Repeal Green Energy Tax Credits
Up to $796 billion in 10-year savings
VIABILITY: HIGH / MEDIUM / LOW
Tax
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This option would repeal credits created and expanded under the Inflation
Reduction Act. These credits are related to clean vehicles, clean energy, efficient
building and home energy, carbon sequestration, sustainable aviation fuels,
environmental justice, biofuel, and more. The full cost of the IRA provisions is
about $329 billion, which becomes about $800 billion when paired with the
tailpipe emission rule designed to dramatically increase the uptake of EVs and
EV credit use. Based on political will, there are several smaller reform options
available (starting as low as $3 billion) that would repeal a smaller portion of
these credits.
End Employee Retention Tax Credit
$70-75 billion in 10-year savings
VIABILITY: HIGH / MEDIUM / LOW
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The Employee Retention Tax Credit (ERTC) is a refundable tax credit aimed at
encouraging employers to keep employees on payroll during economic
hardships, such as the COVID-19 pandemic. Ending the ERTC would extend the
current moratorium on claims processing and eliminate the credit for claims
submitted after January 31, 2024, along with introducing stricter penalties for
fraud. These changes align with the House-passed Tax Relief for American
Families and Workers Act.
SSN Requirement for Child Tax Credit
$27.7 billion in 10-year savings
VIABILITY: HIGH / MEDIUM / LOW
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This option would better ensure program integrity by requiring claimants (children
and parents) to have a Social Security number to be eligible for the CTC. This
change enforces a clear eligibility requirement based on Social Security numbers
valid for employment, directly aligning these credits with the principle of
supporting those who contribute to the economy through work. This measure not
only streamlines administration, potentially reducing fraud, but also reinforces the
idea that tax-based benefits should reward work and support families genuinely