[Azure]

Hey, let's just simplify the tax code and eliminate loopholes.

It's hard to think of any statement that on its surface sounds less controversial. Eliminating loopholes means more revenue. Everyone likes simplification.

Efficiency!

So why doesn't it happen?

This fantastic chart from Credit Suisse's Neal Soss is the answer. It shows the top 20 biggest "Tax Expenditures" which cost the government over $900 billion in the 2012 fiscal year.

http://www.businessinsider.com/the-t...itures-2012-11