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> Flat tax with no exemptions The difficulty with taxation is not calculating tax rates, that's simple, the difficulty is determining what is taxable income/pr
by dmm 8y ago
> Flat tax with no exemptions
The difficulty with taxation is not calculating tax rates, that's simple, the difficulty is determining what is taxable income/profit.
- 0_gravitas 8y agoSome sibling comment to oc seems pretty straightforward: the profit taxed is the profit reported to shareholders
- anchpop 8y agoWhat would prevent a company from telling the shareholders they made no profit? Is there a separate process that prevents them from lying and is more difficult to manipulate than the current tax code?
- guelo 8y agoPresumably they want the stock to go up so they would want to report a profit. And Wall Street gets pretty upset with any company trying to cheat on their GAAP reporting
- maxxxxx 8y ago"The difficulty with taxation is not calculating tax rates, that's simple, the difficulty is determining what is taxable income/profit." Exactly! Flat tax is just another trick to reduce top tax rates while not solving any problems.
- mamon 8y agoThen do not tax income, tax revenue. If company makes, say $10B in the US in sales, they should be required to pay at least 1% of that, i.e $100M in taxes. And before anyone starts complaining that some companies have very thin profit margins: if your profit margin is close to or less than 1% then your business model is unsustainable in the long run anyway.