Devil is in the details.

Yes, there are some deductions that are clearly loopholes.

There are also very, very many that are entirely legitimate recognition that there is a difference between gross receipts and profit.

But there are quite a few where it is not so clear.

And that's not even getting into the use of special deductions to encourage activities that some power group (all too often a consortium of one well-connected taxpayer) rightly or wrongly convinces the authorities is beneficial to the public good. Which is the primary engine of campaign financing and a major part of why media ownership is profitable. If you are going to fix this category, you need to convince every politician to give up his biggest source of campaign financing, every company to give up its most profitable investment, and every media company one of its more profitable sources of business. I.e. it ain't gonna happen without really draconian (even if you don't think money is speech and corporations are people) campaign finance restrictions.