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What if you're a business? You're supposed to pay taxes on your net revenue, not gross revenue. How do you deduct your business expenses from your taxable incom
by friend_and_foe 3y ago
What if you're a business? You're supposed to pay taxes on your net revenue, not gross revenue. How do you deduct your business expenses from your taxable income?
You can't get rid of deductions without having double taxation.
The solution here is to remove the income tax entirely. Just get rid of it. We did fine without income taxes for 150 years. Then when it was introduced, 95% of people didn't even have to file anything for a few decades more. Even if you're a business, like a homestead, operating a lemonade stand, a contractor or whatever you shouldn't be having to file paperwork every year period. If they want to tax our income do a VAT or sales tax, which is still a compliance nightmare for businesses but at least for your average person it just magically happens, no reporting or paperwork required.