When you have ‘charities’ who spend .80 of every dollar on ‘administrative fees’ then they need to revamp themselves. If schools were funded properly, teachers whouldn’t have to buy their own supplies .
Specific deductions have gotten beyond out of hand. It should be criminal for a company like GE to make BILLIONS yet pay nothing because of some loophole. And yes, anyone knows that anyone with enough money can literally buy laws to suit themselves. Most if not all of our law makers are for sale in some way. (Just as the very wealthy often get the best ‘justice’ that money can buy)
The situation will never be fixed because those that have the power to fix it, first and foremost, take care of themselves, their corporate sponsors and their friends. The ones that can fix it won’t fix it becuse they’re benefitting too much from it. If they fix it, they lose money, so there’s zero motivation.
I’d say that you can’t pick and choose which loopholes to get rid of. Those that benefit from them will just hire lobbyists to conduct studies to ‘prove’ that those loopholes are needed. (the one truth of statistics, you can make the numbers say anything you want them to say)
So you scrap it all, go to basics and then, slowly but surely, rebuild. And you rebuild with the mindset of ‘does this plan benefit ‘most’ or does it benefit ‘some’, and you aim for most.
Get rid of the credits, get rid of the loopholes. Businesses were savvy enough to survive before them and they can get a go at surviving without them.
Of course, I can play my own devil’s advocate and know that it won’t work. Because Mr 5 million a year CEO would rather lay off 1000 employees making less than 50K a year than take a hit in his own pocket book. That’s the attitude that’s worked to get us where we are. And the schemes to underpay taxes are just a part of it.
The only way it’ll be fixed is long after it completely and totally breaks.