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.