The GOP Really is Being Dismantled

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4. Trouble is, there aren't many "loopholes"

A loophole is a bug in the system -- something that accidentally overlooks a certain category of income or that was supposed to help the little buy but turns out to make big tax savings possible for the wealthy. And there just aren't a lot of those.

So what the GOP is really talking about is credits and deductions that were deliberately enacted to help the middle class. Things like the deduction for employer-provided health insurance, itemized medical expenses, mortgage interest, or state and local taxes.

If you mess with those, it's the middle class you're harming. Even if you cap them, you're mainly affecting people in the $200,000-$400,000 range, because those sorts of deductions tend to max out at a certain point. You're not even touching the ultra-wealthy unless you deal with things like capital gains rates and the inheritance tax.