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this post was submitted on 20 Aug 2024
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Maybe, but logically they should be taxed on revenue, right? I mean, that’s how we’re taxed as individuals. We don’t get to pay nothing because we took our whole salary and reinvested it into real estate or something. But they do.
You literally described a 401k.
I get your point though. All of our income is considered profit, but if we were taxed like businesses we'd be able to exclude rent and groceries etc.
Except a 401k gets taxed on withdrawals, potentially at a higher tax rate than you were paying when you invested some or even most of it. Also, we can't invest our whole salary into a 401k, as there's a hard limit on contributions. Whereas a business never gets taxed on the assets they invested in to offset their profits (except maybe state/local property tax, but then they get to deduct that from federal tax...), plus they get to deduct the depreciation of said asset for years going forward.
You also don't want to put a huge burden on small growing companies though. I think they should transfer from a profit rate to adding on a revenue rate as the company gets bigger and the revenue increases.