This week, the Democratic members of Congress put out an estimate of potential tax receipts of the corporate income tax. The estimate assumed that corporations will pay taxes on gross receipts instead of net profits. THis assumes that corporations have no expenses and gross receipts equal net income. This is so ignorant that one must assume that that there is no understanding of what constitutes corporate income. We see this in the statements of outrage at oil companies profits, which are actually about 8.5% of gross income. These are the people who plan to run our economy if Obama is elected with a Democrat majority. God help us.
A correction was published but one wonders if the Congress members understand it.