Missourian
Diamond Member
- Aug 30, 2008
- 35,237
- 26,197
Never owned your own business have you.We need to simplify the tax code, we need to do away with all tax expenditures (i.e. exclusions, deductions, credits, etc..)
A hypothetical truck owner operator makes $100,000 a year hauling freight on a Form 1099.
S/he spent 30% of that on fuel, 15% on maintenance and 10% on equipment...all of which are current deductions.
So you're taxing them on $100,000 but s/he only got to keep $45,000.
How's that going to work?