The Maximum Leader over at Naked Villainy has a post about a new tax that’s being implemented in Virginia.
Called the Business, Professional and Occupancy License tax or BPOL the tax is calculated on the GROSS RECEIPTS of a business after a $200,000 exemption. As the ML explains:
What is the BPOL a tax on? It is a tax on gross receipts at a fixed rate. Regardless of a company’s profitability, they would be taxed. To give you an example. Let us say that you own a small business. Your company has gross receipts of $500,000. In Stafford the first $200,000 of gross receipts are exempted from tax, and the remainder is taxed at $.16/per dollar. So, your hypothetical company would owe $48,000 in tax. Of course, the tax doesn’t look at your expenses. So it is possible that your hypothetical company has $500,000 in gross reciepts and $450,000 of expenses. In this scenario, your company profit would be reduced from $50,000 to $2,000. Isn’t that fun!
This is nothing short of armed robbery.
I wonder how long it will be until Pol Pot Doyle, and other dipshit leftards decide this is a good idea for Wisconsin businesses.
