Uber has never once turned a profit, and is allowed to continue running their business. If you’re a small business owner running an ebay or ecom business, and you claim losses for 3 out of 5 years in a row, it’s likely that the IRS will audit you, and could deem you a hobby. Amazon is often cited as not generating a profit for many years, but is now profitable. For them, it was somehow okay to run a business making no profit! So like, how come small businesses can’t claim losses, but big corps can?
Well, I fell into a bracket that’s taxed (it’s not officially called a tax, but that’s what it is) by a certain fixed minimal amount. Thanks to my total revenue being relatively low, it makes an absurd amount percentage-wise.
That doesn’t really tell me anything and it doesn’t really sound like anything I’ve heard of. What exactly are these tax policies you’re falling under?
And it’s not tax policy but functionally is…? So it’s not actually a 70% tax rate? What are you talking about?