The President who did the most to close tax loopholes was none other than Ronald Reagan, in 1986. It’s a winning GOP strategy to call the Dems’ bluff and end special tax breaks in exchange for lower tax rates.
I’m confused. I’d be in favor of eliminating all the phony special interest deductions in exchange for a lower rate on all taxpayers that did not raise total taxes collectied by the Gubmint. That’s called a Flat tax and all conservatives should consider supporting that. How is this different. Why couldn’t they eliminate the airplane, ethanol, oil deduction and simultaneously lower the tax rate on all companies by say 1% (whatever it takes to break-even). The government breaks even (no new taxes) but it’s more efficient and less need to pay lawyers and accountants. This isn’t bad if that’s what happens (Is everybody worried they’ll lie and just drop the deductions without simultaneously lowering the rate—Is that the issue?)
The problem with that here is the folks who have been playing by the rules are stuck with paying for Congress’s mistakes. Any tax code changes should come in a separate piece of legislation.