Majority Leader Eric Cantor is signaling that he's willing to consider White House proposals to close tax loopholes, in advance of a meeting tomorrow with President Barack Obama over cutting the budget, reports AP.
Of course, Cantor goes on to say the closing of loopholes must be countered by tax cuts. The problem with all this is that any trade between the closing of loopholes and tax cuts will be worded in bureaucratic gobbledygook, where the tax revenue generated will be greater than the matching tax cuts, that is simply how Washington works. Trading closing loopholes for tax cuts is a big red flag.
As I have said before, the current tax structure needs to be frozen right here and only tax cuts allowed going forward. That's the only way it will be about tax cuts. Anything else is just Congress running a new scam.