The top marginal tax rate and corporate tax rate should be equalised.
That way there is no tax benefit to putting revenue through corporations or individually.
Yes, the tax offices can catch abuses like this, but it would be much simpler if there was no tax advantage to doing it one way or the other.
The amount of tax accountants and lawyers that do no productive work because they are moving stuff around in entities makes me want to cry. It's a giant churning game that does nobody any good. The govt doesn't get the money, because they can always be outsmarted. The armies of people doing the outsmarting don't contribute to society.
Just equalise the top tax rates for individual and corporations and loopholes disappear by the bucket load.
The top marginal tax rate and corporate tax rate should be equalised.
That way there is no tax benefit to putting revenue through corporations or individually.
Yes, the tax offices can catch abuses like this, but it would be much simpler if there was no tax advantage to doing it one way or the other.
The amount of tax accountants and lawyers that do no productive work because they are moving stuff around in entities makes me want to cry. It's a giant churning game that does nobody any good. The govt doesn't get the money, because they can always be outsmarted. The armies of people doing the outsmarting don't contribute to society.
Just equalise the top tax rates for individual and corporations and loopholes disappear by the bucket load.