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This will destroy low margin business (ex Supermarkets?), they will be forced to increase prices. There is a million downstream bad consequences

Revenue has almost no relation to the ability to pay. There are plenty of businesses making 1 or 2% profit, often because they have high pass through, like distributors of all forms, including supermarkets and stores.

I’d rather figure out how to stop taxing people and place the burden on companies entirely. Make it progressive like income tax but make it based on revenue not profits.