Far right?!?
"What you're saying isn't just provably wrong, it's full-on far right."
It's not far right at all for flip's sake. It's just stating that what most people would call "profit" can be represented on a company balance sheet as something else, and therefore not taxable. It's not illegal, it's allowed within the taxation framework. Whether or not it should be allowed is up for debate.
For example, a company can reinvest "profit" back into the business and not pay tax on that reinvested "profit". An individual person can't do that. You can't take a regular PAYE salary, reinvest it in, say a new car or a house extension and thus not pay tax on it.
Biting the hand that feeds IT
