Rick Perry’s bizarre speech

Raising taxes isn't as necessary as closing up loopholes and deductions.

Even if we doubled taxes on the wealthy, it wouldn't necessarily result in higher tax revenue without any changes to deductions and the AMT.

 

Sure it would. Rates are a much better indicator of projected revenue than deductions. Besides most common deductions phase out under AMT . The "tax loophole" stuff is something of an urban myth.

My law practice is about 20% tax, and it's just not true for individuals that you can make high income and write it off with deductions. At least not legally. Corporations are another matter, but they are businesses and complex deductions are needed to reflect complex economic transactions.