[JoSixChip]

That will benefit everyone, but predominantly the top earners.

I think what you are missing here is that the corporations will be paying taxes. Where as now they are able to hire high priced lawyers to exploit tax loop holes and pay nothing.

[rb22982]

No, the total US corporate tax rate is 24%, so even if all deductions were eliminated, it’d still be a big cut (17% reduction -> 4 / 24) but some deductions will still make it in. But there are a LOT of US industries that do pay 35%+ federal income taxes (retail, hospitality, small business, restaurants, etc). The one I currently work for (hospitality) and my last firm (retail) both have over 35% tax rate.