alt Hacker News> Business tax is assessed on income.
Income (in a business) is another word for revenue. I think you meant: business tax is assessed on profit.
Replies
loeg • yesterday at 4:37 PM
No, my usage was correct and unambiguous. Describing income as revenue is incorrect. https://www.investopedia.com/ask/answers/122214/what-differe...
➕ show 1 reply
beezle • yesterday at 4:55 PM
This is incorrect as anyone who has looked at a financial statement or taken a first level accounting class will know - Revenue is the top line, the gross income and lastly net income, the two reflecting the removal of various costs/expenses as per GAAP.
In the U.S. income is defined as revenue minus expenses:
https://en.wikipedia.org/wiki/Income_(United_States_legal_de...