Advocates across the U.S. are hoping a growing unhappiness of wage and wealth inequalities that have increased coming out of the COVID-19 pandemic will help more states adopt policies involve the rich paying more in taxes.
Colin Hathaway, a millionaire businessman in Washington, said he’s concerned the proposed tax would treat the money earned by his roofing company as income, even though he’s putting most of it back into the business.
Bullshit. The tax cares about adjusted gross income for individuals. Business expenses are a deduction. Making $1m and putting $900k back in as business expenses deducts that from your income. This is all assuming you even have $1m as personal income, which is not necessarily true depending on how your business manages its finances.
Bullshit. The tax cares about adjusted gross income for individuals. Business expenses are a deduction. Making $1m and putting $900k back in as business expenses deducts that from your income. This is all assuming you even have $1m as personal income, which is not necessarily true depending on how your business manages its finances.