Tax loopholes for special interest groups cost the federal government $1.1 trillion a year. That's nearly twice what we spend on defense and more than twice what we spend on domestic programs. Loopholes make the federal tax system unfair, prompting many people to cheat on their taxes. Loopholes are why Warren Buffet pays a lower tax rate than his secretary.
We should phase out all loopholes, both corporate and individual. The $1.1 trillion a year saving should be applied closing our $1.3 trillion a year deficit. Loopholes account for 85% of our deficit.
The resulting simplified tax code will make our economy run more efficiently, save billions in administrative cost, and raise compliance rates. The result will be a pure progressive income tax system without breaks for special interests.