There are a number of states that tax businesses this way. It’s known as a gross receipts tax or a franchise tax (in Texas at least).
The industries affected by it, industry-specific rates, and the rules around calculating “gross revenue” can make it as complicated as regular income tax.
In it’s simplest form it is basically a sales tax, only on the seller instead of the buyer.
Can I get the Premium Seduction? Or maybe a Platinum Seduction 
?
Now there are House members balking at the Alaska oil drilling:
A dozen of them. Reconciliation is going to be a bear.
They have the votes to pass the bill none of them have read.
Looks like a done deal now on the senate side. They claim to have the votes. Collins got her $10K for property taxes in. Not sure why she fought for that bone. It is basically meaningless if one does not itemize. It might allow people over the threshold but then you are only getting a portion of it effectively.
Sad day in America when people are too stupid to see thru the lies.
I would think you would be all in favor of removing deductions. Would help reduce shenanigans which presumably you would view as a good thing. Though your argument appears to be because we cannot remove all shenanigans we should try to remove any. And because we cannot remove all complexity we shouldn’t try to remove any.
Without deductions, taxes on revenue would be a revenue or receipts tax rather than an income tax. And your argument continues to be if we cannot have perfection we shouldn’t try to make any improvements at all. Pretty much argues against any changes to the tax code or in the broader context anything that we do at all.
Not arguing against simplifying tax calculations. Only that it is unrealistic to expect simplification to result in everyone’s tax return fitting on a postcard.
But what is being proposed now is not an overall improvement.
It does sound like they have the votes. They did not get Corker yet, but they have 50 because Collins fell in line & Flake extracted some later action on dreamers. So it sounds like they didn’t change much to get 50 – it still blows the deficit up.
From what I have seen this tax package does nothing about the overall complexity of the tax code. In many ways it is even more complex. The elimination of some individual itemized deductions and personal exemption is NOT what makes the code complex. The business side and International side is what makes it complex. Apparently they are monkeying around with that also but not to make it simpler. Just more advantageous and lower taxes for business.
It should seriously be illegal for a bill to be voted on/passed without a period for the public to voice their opinions on it.
(And please, no one bring up the Obamacare passage- a popular talking point. It’s wrong and irrelevant.)
Collins is voting for it even though it removed the ACA mandate?
I am so disappointed in Collins.
If the estate tax is eliminated, how does this affect the gift tax? Previously we could gift $13000 without tax. Can any amount now be gifted without having it count?
I suspect it will not be a happy day in Collins’ office. They threw a freaking parade for her after Obamacare wasn’t repealed.
I don’t know why the Kansas senators voted in favor either. They have a real example in Kansas of what happens when you cut taxes.
I agree with the reader upstream who said that the public should be allowed to see/understand/read this bill before it is passed. Putting the tax part aside altogether, I need a better understanding of how passing a tax bill means that healthy people no longer need to buy health insurance and we can begin drilling in the Arctic. I get the reasons (pork for the senators to get them to vote) but i don’t understand how this can pass without any of us getting a look at it.
I guess they will have to pass the bill to find out what’s in it, as Pelosi famously said.
Pelosi may have said something like that, but the ACA took over a year to get to the voting stage, and it had more than 100 amendments by then, most of them by Republicans. It’s really not the same.
H.R. 3962 was presented to the House of Representatives in July of 2009, and wasn’t signed into law until March 23, 2010.
The 10 in 2010 does not stand for 10 minutes later.
Everyone needs to remember this was never a tax reform bill - that was just the talking point. It is a cutting taxes on corporations and extremely wealthy bill. Nothing more.