Very, because they’re twisting the language again, using “income” when they really mean “gross revenue” — which would wipe out 90% of most small business profits.
Well, this is different than taxing profits. In fact, what you're talking about now is a total bombshell. If they go after "gross revenue" then my 50% offshore operation is going to bump up to 90% very quickly. (And I've been very proud of working to maintain that 50/50 ratio these past many years).
Going for a percentage of gross revenue would be about the most un-American thing I can imagine. This could easily destroy may of the businesses it would affect.