They’re all taxed on each individual company’s profits,So how does that equate to cascading?
Whatever one company passes to the next company, taxes, labor, etc. is deducted from the gross income to determine the taxable income...Where's the cascading/compounding?
There's no logic in your thinking.
Lewis, even if a company deduct expenses from taxes, those expenses still must be paid via sales revenues...that is, the expenses are passed along in prices.