Arnold Ventures Releases Budget Savings Report Highlighting $4 Trillion in Proposals to Achieve Fiscally Responsible Tax Reform

Washington, D.C. (February 3, 2025) Today, Arnold Ventures released a new report outlining policy options to achieve pro-growth, fiscally responsible tax reform. The report presents 20 priority reforms — 10 spending cuts and 10 tax loophole closers — that would generate up to $4 trillion in savings to help advance the permanent extension of the Tax Cuts and Jobs Act (TCJA) without adding to the deficit.

​“Americans deserve tax and fiscal policies that are both pro-growth and fiscally responsible,” said George Callas, executive vice president of public finance at Arnold Ventures. ​“Our report provides practical and actionable options for lawmakers to deliver tax relief to Americans without undermining economic growth and opportunity through an increasingly unsustainable debt. These solutions ensure that tax relief now does not merely shift the tax burden to future generations.”

Key Highlights from the Report:

• Top spending cuts focus on higher education and health care reforms to eliminate inefficiencies, ensure fairness, and prevent misuse of taxpayer dollars. This includes simplifying student loan programs and advancing site-neutral reforms.
  
• The report also outlines ways to eliminate costly and ineffective subsidies such as expanded electric vehicle tax credits and retirement perks for federal employees.
  
• Top loophole closers target high state and local taxes, offshoring and tax haven abuse, and fraudulent tax credit claims, among other proposals.
  

By reducing wasteful spending and closing tax loopholes, policymakers can extend key tax provisions without increasing the deficit, ensuring a pro-growth tax system while addressing rising federal debt.

Read the report.

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Arnold Ventures is a philanthropy that supports research to understand the root causes of America’s most persistent and pressing problems, as well as evidence-based solutions to address them. By focusing on systemic change, AV is working to improve the lives of American families, strengthen their communities, and promote their economic opportunity. Since Laura and John Arnold launched their foundation in 2008, the philanthropy has expanded, and Arnold Ventures’ focus areas include education, criminal justice, health, infrastructure, and public finance, advocating for bipartisan policy reforms that will lead to lasting, scalable change. The Arnolds became signatories of the Giving Pledge in 2011.