First what are the "corporate loopholes" that are being talked about being closed? Of the total $653 billion in deduction Amount of Deduction Type of deduction that government ALLOWS tax payer to subtract from taxes SOURCE: Tax Policy Center Briefing Book For example assume the deduction of medical insurance premiums paid by employers is the single largest deductions of $131 billion. What this means if this deduction is not allowed, then employers increase their adjusted taxable income by $131 billion. If then the corporate tax rate is 35% then the government gets about $45 billion more. Sounds good right? Wait though... if this deduction is removed... who will be paying the employees health insurance premiums?