Subject: Federal Income Tax Simplification Suggestions Comment: Businesses, in what ever form, should pay tax on their book income with no special tax deductions, credits or other tax incentives. This is the amount they report to their owners, investors and creditors. Certified independent audited financial statements should be required for businesses with gross receipts of $500,000 or greater. Business has the incentive to maximize their profits for book purposes so the manipulation and minimization for tax purposes would be curtailed. This is the brainchild of one of my esteemed colleagues. Get rid on AMT. |