“Closing these tax breaks would raise $100 billion in a decade”
Nullified by the concurrent loss in revenue as businesses shrink operations, move operations overseas, and employee numbers shrink.
So their projected revenue from this will likely actually be in negative integers.
And is exactly what happened when Congress passed the luxury tax on yachts in 1990. The tax of 10% was placed on new yachts built in the USA. The tax did not cover used yachts or yachts built outside the USA (and presumably registered outside the USA). Well, everyone knows what happened. The tax raised almost no money and several yacht manufacturers went out of business and the net effect of Revenue - Expenditures was actually negative. Sales tax revenue fell as yacht sales fell, unemployment compensation payments went up as yacht workers were laid off etc.
As Zippy once said, it's about redistribution.
No, it wouldn't. It will just be another $100 billion going into the pockets of politicians and their cronies. When that 'decade' ends, they will be demanding $100 trillion in taxes to be spread over the 'next' decade.