Marc Gerson commented on Senator Mark Warner's (D-VA) amendment to the Inflation Reduction Act of 2022 which swapped a one-year extension of the $10,000 state and local tax deduction cap for a two-year extension of the excess business losses limitation rules. Republicans had planned to use an extension of these rules to fund an extension of the 20 percent qualified business income (QBI) deduction beyond its 2025 expiration date. "This arguably creates a bigger revenue hurdle to extend all the TCJA provisions," Gerson said. "Now they have to find a new offset," he added, noting that the QBI deduction is a high priority item for Republicans, "so I assume it just means they'll look for other revenue sources."