Biden Pins Ryan Down On Taxes: ‘Oh, Now You’re Jack Kennedy?

[BlueStreak]

40. 2 points

1) The ultimate loopholes for the rich are capital gains and tricks with bogus corporations (blocking corporations etc), and Romney has no intention of changing any of that, other than maybe taking cap gains to 0%.

2) Without doing something about those two things, there aren't nearly enough loopholes to make up a 20% cut in rates. Throw in everything -- charitable deductions, mortgage interest, health expenses, education -- it doesn't add up to 20% if you don't go after those two big tax evasion scams used by the 0.1% (laundering income through the lower cap gains rate and bogus corporations to shield income altogether.)