Rand Paul Tax Plan

[Benton]

Two things.

1- When people say this will lead to more spending, I'm not so sure. They will have more money in their pocket, but generally it's just going back into paying the tax. So while they're spending higher dollar amounts, they aren't buying more stuff. So there's not any real job creation associated with it. If anything, possibly less as people are spending less because it costs more.

But that's a lot of guess work. And you can argue one side or the other of it and I'll probably agree. My real issue is....

2- They won't close the loopholes. They say things like "no loopholes" but what they mean is "we're going to put loopholes in and we know there's not a whole lot you can do about it."

Too few people have too much invested in gaining the ability to consider a race horse, a jet or other luxury items as tax deductions. They aren't just going to shrug and say "well, let's go back to paying for those like you do everything else."

How much would be lost for the gaming industry alone if people couldn't write off gambling losses?