Again the two sides could do it in ways that primarily affect the highest income households, which enjoy more than 40% of the benefits of all tax expenditures.

As stated above, they could cap itemized deductions by a dollar amount.

Another option: limit the after-tax value of certain tax breaks.

For example, lawmakers could enact an after-tax cap that applies to itemized deductions, plus the child tax-credit and the tax-free benefit workers receive when their employer helps pay for their health insurance.

The Committee for a Responsible Federal Budget has done the math on that scenario.

A cap set at 2% of one's adjusted gross income or $10,000, whichever is less, applied only to households making more than $200,000, could raise more than $860 billion over 10 years.