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People don't really have "profits". You could argue that some amount of money people make is used to pay for food, shelter etc and then treat the rest as "profi
by Aerroon 5y ago
People don't really have "profits". You could argue that some amount of money people make is used to pay for food, shelter etc and then treat the rest as "profit". In that case a progressive income tax system does tax individuals on "profit" because the first dollars you earn are either not taxed or taxed at a very low rate.
- syshum 5y agoPeople aboslutely have profits, and that fact that it is not looked upon in this way is a problem I sell my labor on the market for as much money as I can get for that labor. I do this for the same reason a business is formed to provide for myself, my family, and to enjoy my life This is the entire purpose of the "Standard Deduction" as that is viewed by the IRS as the "cost of living", and in their view it would be to complicated and allow for too much tax evasion if they allowed you to itemize every cost of living you had. Personally I think that is excused just to over tax people. One should be able to deduct on an itemized schedule every grocery bill, every utility, even housing from their income taxes. Paying only taxes on that income they earned above and beyond the "Needs" of a person.