we as individuals pay taxes on our supposed profit, just like businesses....why do you think there are so many deductions available to use or the standard and personal deductions if filing short form or a gross income and a ''taxable income''?If you want to kill the economy, go for it. Taxing a business based on its gross receipts is the dumbest thing I've ever heard.
Again why? I'm not trying to be argumentative (you actually might be on to something). But why is it so absurd for a business (which the law actually treats like a person) to taxes on its gross income, when it's so NOT absurd for you to pay taxes on your gross income.
Oh come on Care. It's not even close to the same thing. Profits are gross revenue less expenses. Now I didn't see anywhere on my tax form where I got to deduct my grocery bill, utilites, gas, car payment, etc. The first thing that happens when you get paid is having your taxes taken out of your GROSS pay. The fed doesn't care about what your expenses were over that pay period. Whereas paying taxes is the last thing a business has to do AFTER it has deducted its operating expenses.