Does this tax unearned income? Rents, royalties, interest on loans and bonds?
How does it define “income”? A corporation offsets gross income by the costs of producing that income. The result is corporate net income. What about an individual? And individual ALSO has costs of producing an income. It as always seemed incomprehensible to me that individuals are taxed on GROSS income, whereas corporations are taxed on NET income, and NET income for most corporations over a minimal size and complexity is a true accounting confection, highly arbitrary.
Read the link.