Please correct me if I'm wrong . . .
But I've seen nothing to suggest that either candidate has proposed to change the federal tax system to tax revenue instead of profit. I own my small business, and every year I fill out the IRS forms for business profit or loss. My taxable income is based on my profit, not gross revenue, for both the IRS and California Tax Franchise Board.
The only government entities I know of which base their taxes on gross revenue are some municipalities, including the City of Los Angeles and City of Santa Monica. I think there would be quite an outcry if the IRS and state taxation boards were to adopt such systems.
But I've seen nothing to suggest that either candidate has proposed to change the federal tax system to tax revenue instead of profit. I own my small business, and every year I fill out the IRS forms for business profit or loss. My taxable income is based on my profit, not gross revenue, for both the IRS and California Tax Franchise Board.
The only government entities I know of which base their taxes on gross revenue are some municipalities, including the City of Los Angeles and City of Santa Monica. I think there would be quite an outcry if the IRS and state taxation boards were to adopt such systems.