I love it when the democrats talk about all of the tax loopholes given to the rich. It is hilarious since 99% of all the loopholes are for lower income filers. These loopholes are phased out as your income rises. About the only loophole for the ‘rich’ (it is actually is for everybody but the rich are more likely to have it) is capital gains for investment income is only taxed at 15% as opposed to your income bracket rate. As your income increases, losses on rental property will not lower your adjust gross income, student loan interest is phased out, mortgage interest is phased out…these are just a few examples of the ‘biggies’.
The media hype about loopholes for the rich is so incorrect. Ask your CPA about it - he/she will tell you the same.