why should individuals be flat taxed on all of their income, with no deductions, exemptions or expenses allowed while businesses are allowed these deductions?our gvt can not tax all earnings as it stands now....
our gvt taxes, taxable income, not anyone's full income, just as our gvt taxes businesses on their profit, not their entire income.
this is why there is a standard deduction and personal exemption....the gvt can NOT tax you on necessities it can only tax you on your perceived profits.
someone making 10k being taxed $1000 bucks is taking food out of his mouth or a roof over their head.
I agree with a flat tax, but only if there is a personal deduction for everyone, where their immediate needs are not taxed.....
If businesses were taxed on their gross income and not allowed to deduct operating expenses, you would not be able to afford to buy anything.
The average corporate profit over the past 2 decades has been something like 8.5% which means that 91.5% of the average corp gross income is used up in operating expenses like payroll, supplies, raw materials etc.
If 100% of that was taxed, who do you think would be paying that tab?
if individuals will be taxed that way, then businesses should too.
probably better if no one and no business is taxed that way....but what cha gonna do? fair is fair.....right?