In this paper, the Urban-Brookings Tax Policy Center updates estimates of a proposal by Professor Michael Graetz to reflect changes in federal tax law enacted in the Tax Cuts and Jobs Act of 2017. The proposal introduces a new, broad-based value-added tax while reducing and reforming individual and corporate income taxes, revising child and earnings credits to hold low-income households harmless, and removing over 100 million returns from the income tax rolls. It would leave the federal deficit unchanged in 2030, increase incentives to save and invest, and make the distribution of the tax burden among households modestly more progressive.