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Actually, close every tax loophole that exists. Why settle for a few items.

Give me some examples of tax loopholes. Mortgage interest? Depreciation? I guess the federal government has a right to every cent we make. They just must decide who to take it from, how much, and when.

Those would be deductions, not loopholes. Tax loopholes tend to be flaws in the wording of the new law. Also they can be waivers given to a select group allowing them to avoid a tax that the general populace has to pay. For example Google, uses a strategy that has gained favor among such companies as Facebook Inc. and Microsoft Corp. The method takes advantage of Irish tax law to legally shuttle profits into and out of subsidiaries there, allowing them to dodge 3.1 billion in US income tax. For many years it was possible to change the company car to a company SUV and receive a 50% break as a small "Truck" due to a loophole in vehicle classification.

I consider tax loopholes those little things that people use tax attorneys for. I don’t consider interest on mortgage a loophole. I do consider taking an empty basement and writing it off as a office a loophole. I don’t consider taking the tax break on a yacht a loophole. But I do consider moving that yacht to another state to claim the tax break a loophole(ala John Kerry)

There are over 67,000 pages in the tax code. I am willing to bet that 99% of that you and I will never see in our lifetime. if you play by the tax code, you shouldn’t have a problem with any of this, rich or poor. However, if you are trying to circumvent the tax code with attorneys playing legal games based on changing of a word or phrase, heck yes that should be closed.

I have no clue how much revenue this would generate. And the president randomly selecting industries for this because it sounds good to the base is not the answer. And I would believe that any “rich mans” tax loophole that they do close probably has been superseded with something else and this will have no impact on anyone. But it sounds good and I doubt the media is going to take the time and peruse 67,000 pages to find what that would be.

Unless it was a republican.