CMV: Trump's tax plan will actually increase tax revenue

Currently, the highest tax bracket is 39.6%, yet people like Warren Buffett and Mitt Romney pay effective tax rates of under 20%. Trump's plan includes three major reasons why it will actually increase tax revenue (and no, I'm not going to point to the potential economic growth).

The first reason is the removal of almost all tax deductions for the highest bracket. This is a huge and easily exploited loophole for the ultra rich. Any seasoned accountant can find a number of deductions for you to use.

The second reason is the removal of other loopholes like the carried interest loophole, which is the one most favored by Buffett and Romney.

The third reason is that it remove corporate deferrals of foreign profits. There is $2.1 trillion being held overseas. They can repatriate that money at a discounted 10%, and all future profits will be taxed here regardless of where they wind up.

Even though the tax bracket would be 33%, the removal of almost all loopholes would make it so the effective tax rate is actually near or at 33%.

The corporate tax at only 15% would actually tax all profits generated by corporations, and it would mean that effective tax rate would be actually near or at 15%.

It makes the tax revenue our country collects much closer to what it is supposed to be. With our current loopholes, we could say the highest tax bracket is 90%, and I'm sure Buffett and Romney, amongst others, would still only pay an effective rate under 20%.

It doesn't take a rocket scientist to see why Romney and his Goldman Sachs buddies are so avidly against Trump and why Bloomberg has also thrown his weight around too. It helps remove some of the burden of the middle and working classes at the expense of more of the billionaires paying their fair share.