Double taxation is a disadvantage of a corporation because the same party has to pay taxes twice on the income and HB430 (Relating to Taxation) Bill Signing

Double taxation is a disadvantage of a corporation because the same party has to pay taxes twice on the income

Double taxation is a disadvantage of a corporation because the same party has to pay taxes twice on the income.

True or False

I think its True but the only thing that I am questioning is it it is the SAME party?


Taxation best answer:

Answer by gimpalomg
I'm not sure exactly what you are asking but as a run of the mill person I am triple taxed on many things and double taxed on others.

If I make any money, I am taxed on the income. Then when I spend it on a bicycle, a magazine, a car battery or an automobile, I am taxed on that purchase. Then the final insult, when I have had that automobile, ATV, dirt bike, boat or other such items for a year I get to pay tax on it again in the form of registration fees.

There are many examples of multiple taxation so my guess is the business you are discussing is in fact being taxed more than once.

Taxation

HB430 (Relating to Taxation) Bill Signing


Image by Governor Neil Abercrombie
HB430 (Relating to Taxation) exempts charitable deductions from the itemized state income tax deduction caps.

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