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Even worse, individuals pay taxes on revenue, not profit, aside from a very narrow set of deductible expenses.
by mikeash 8y ago
Even worse, individuals pay taxes on revenue, not profit, aside from a very narrow set of deductible expenses.
- harryh 8y agoThat's not worse. Humans all have basically the same expense structure so taxing revenue makes sense. Corporations from different industries have wildly different expense structures so taxing on revenue would be nonsensical: you would end up undertaxing high profit industries like tech or pharma and massively overtaxing low profit industries like retail.