Wozniak gets it wrong!

The story here suggests that taxing companies on income instead of profit is a good idea. Far from it however. This is a ridiculous idea that would lead to the utter collapse of business and ruin the economy.

To tax on income is so utterly wrong because it would mean that no business would be able to support general running costs and overheads for any extended period of time.

In fact, the fairness problem comes into play when individuals are taxed on their income and not allowed to deduct necessary and reasonable costs. This leads to the individual being forced into a double taxation trap because they have already paid tax on their income yet if they pay someone else, then that person is taxed also. This has lead to governments whose profligacy knows no bounds because after it trickles through the multi-layered tax system, they eventually get to grab and keep most of the money in the system. This is clearly wrong and the vast sums wasted by political parties and governments on non-essentials is truly incredible.

We live in an age where instant and verifiable communication is possible. Governments should be made to account for and justify every cent spent on a daily basis and individuals should only be made to bear the cost of what is absolutely necessary. The recent spate of minister expense scandals in the UK show clearly that the system has been and is still being abused.