Tax Reform: Loopholes THEN Cuts

There's one common thread in all this zeal for tax reform. Whether it's Malcolm Turnbull on the Right, or Bill Shorten on the other Right, reformers argue for paying for tax cuts by closing the loopholes, lurks and dodges available to the super-rich. I'm worried that politicians may - even inadvertently - over-estimate their effectiveness in increasing compliance and reducing avoidance. There's a real risk we'll just end up with more tax cuts for the rich. Let's close these loopholes first, ascertain how much has been saved and then make the cuts that we can afford.