I was always taught that income is, per the constitution, profits made from stocks and bonds,etc. If one works one hour for a predetermined agreed upon price, the transaction is an even exchange: one hour of labor...for a set amount. The worker didn't make a profit as such because he gave one hour of his time and labor in exchange for a set price. It was an even exchange...neither one benefited more than the other. How can that be described as profit?
- The price you receive for the hour’s work is income and it must be reported as such on your federal income tax form. It is also the pecuniary gain resulting from that labor, which is a definition of profit. The money that was paid to you by your employer is for him an expense, a net loss, and it is reported as such on his income tax form. This means that the burden of taxes follows the money ... whoever gets the money has the income and profit, and along with it, the taxes. The one who pays the money deletes that amount from his taxable burden. —Stephen 11:02, 14 March 2007 (UTC)
...other people's work
Who wrote this? Che Guevara? --Vahagn Petrosyan 00:43, 28 December 2009 (UTC)