Simplify the Tax Code

The existing tax code is so full of exemptions and loopholes that it is near impossible for the layman to understand it, while enabling the disingenuous to fully exploit it.
I propose the government take action to close tax loopholes for individuals and corporations, up to including throwing out the entire existing tax code and replacing it with a new one if required.
Second, I propose that this new simplified tax code be contained in a single volume, no longer than 200 pages in length, with normal spacing and font no smaller than 10 point Courier New.
Third, I propose any revenue generated from this simplified code be used to lower existing tax rates for individuals, vice having it redirected into the budget as new funding.