Originally posted on 12/12/2017:

Quote Originally Posted by RoyBacon View Post
Some companies like GE do not make any money according to GAAP / tax code some years. And GAAP with the long depreciation schedules is not that fair to companies. If I make $1 million dollars net and buy $1 million in pipe for a new project I still have to pay taxes on the $1 million. The pipe I write off 5% per year. So I have to borrow money to pay the tax. The tax code makes it hard to ramp up businesses.
That's why we should be taxed on what we consume. Not labor & capital. Also in the vid I posted.