The income tax, both personal and corporate, is killing the economy. Taxes are too high, highest in the world for corporations. No wonder American corporations are leaving for overseas, the taxes are lower overseas. And too damn complicated. Ever since income tax was invented way back in 1913, every special interest has been adding little loopholes to the tax code to let them skate free. Big companies and rich people who can afford enough lawyers can figure out ways to avoid taxes. Ordinary people just get soaked.
Carly Fiorina had the right idea. "Close every loophole, lower every rate." Gaping loopholes needing closure: Mortgage interest deductions, depreciation of real estate, capital gains, loss carry forward, carried interest, electric car subsidies. And lots more. I only know the income tax code well enough to do my own taxes, with an assist from Excel. The real tax dodger lawyers, and for that matter The Donald himself, know of plenty more. Loopholes favor the big and the wealthy, finding them or making new ones gives big money to the lawyer class, and it makes people and companies pour money into things that don't produce wealth, they just dodge taxes. We would be better off without loopholes. I'd trade my loopholes for a couple of percent lower tax rate any day ( or any tax year).
We ought to have just three tax rates, one for the very wealthy, one for ordinary citizens, and one for the truly poor. I do believe the truly poor ought to pay a little something, just so they feel some hurt every time a new handout is voted in. The "breakpoints" between truly poor, ordinary citizen and very wealthy ought to be indexed for inflation. Otherwise Uncle Sam gets an automatic tax hike every year as inflation pushes everyone up into the next higher tax bracket.
Ignore the Democrats who will claim that tax cuts are "for the rich". Right now half the population pays no income tax. Tax cuts only help those who pay taxes. The way Democrats say it, if you pay taxes you are a member of the evil rich. Ignore this malarkey.