How much tax income would be gained by eliminating 100% of the current loopholes and deductions?
It's because of loopholes and deductions that Buffet has a lower tax rate than his secretary. Let's get rid of those.
It's because of loopholes and deductions that Buffet has a lower tax rate than his secretary. Let's get rid of those.
It's totally possible, especially if the tax code is simplified and different mechanisms are used to incentivize behavior. Many loopholes are side-effect of complexity, and many of the others were deliberately created to benefit some group or other. Both of those are solvable without creating more loopholes.