[Chode]

this is how i had to splain it to my RAT friend...

say Wigit.inc owes $1000 in taxes. so like any good company it pays a CPA $500 to get their Tax Bill down to $200 for a Total out lay of $700 saving them $300 while the Govt. only gets $200.

now... if the tax bill was $500 with no loopholes... Wigit.inc would DUMP the CPA and pay the damn $500 TaxBill therefore saving ANOTHER $200.

but wait there's more... the Govt GETS THAT EXTRA $300 the CPA didn't get!!!

THE GOVT MORE THAN DOUBLED IT's TAKE BY CUTTING THE TAX IN HALF. and closing the loopholes

[george76]

Your "splain" is excellent.

Plus trust funders like Teresa Heinz Kerry would have one less reason to not hide so much of her trust fund money (from her first husband) "off shore" in secret bank accounts.

[RedStateRocker]

One persons' loophole is someone else's sacred cow. Or incentive for societally desirable behavior (eg charitable contributions)

I don't have kids- so why do parents get deductions. My friends who rent wonder shy I should get an interest deduction on my mortgage. Someone else might say that govt should encourage those things (kids and home ownership).