“…The Penn-Wharton Budget Model estimated a $2.2 trillion reduction in revenue without macroeconomic feedback largely because they believe more income could circumvent the "guardrails" to benefit from favorable pass-through treatment (Penn Wharton Budget Model 2017). Finally, a set of tax law professors have argued that the costs could be higher than expected as behavior adjusts to take advantage of the new law, for example alterations in State and local tax policy to protect the deductibility of taxes (Avi-Yonah, et al 2017).…”