Corporations do not pay taxes … period
I have written about this in the past, but I am amazed how the tax-and-spend Democrats completely bamboozle the public into believing that businesses do not pay their fair share of taxes – or pay taxes at all.
Allow me to stress the point. BUSINESSES DO NOT PAY TAXES … EVER. YOU AND I PAY THOSE TAXES WHEN WE BUY STUFF. If you hire a lawyer, you pay the taxes that the law firm pays. You pay the taxes of their landlord. You pay the taxes of their suppliers and subcontractors.
The only thing that is taxable is the productivity of human beings. It is generated from the wealth a person earns as reflected in their paychecks.
When the progressives in Washington tell you that they are “sticking it to the big corporations,” they are actually sticking it to you. ALL TAXES ARE INCOME TAXES. If you think there is such a thing as a property tax, the next time you get the bill send them to your garage. You pay it out of your income. Duh!
It is very simple. Taxes are part of the cost of doing business. Taxes are found on the expense side of the corporate balance sheet – along with wages, supplies, insurance, rent, legal fees, accounting fees, etc. Prices are then set to cover the expenses and produce a profit in the competitive marketplace – a profit that promotes investment.
The public seems to be aware of the reality when it comes to things like gas. We know that an increase in a tax on gas results in an increase in the price at the pump. Why people do not understand that the same thing applies to every purchase we make? When you buy a shirt or blouse, you pay all the taxes that the supply chain accrued along the way – not just the sales tax.
We see the sales tax on the receipt, but we do not see all the taxes that are built into the price. In most cases, it is greater than the sales tax.
Progressives hide the fact that ANY increase in business taxes hits hardest on those in the lower income brackets. It is a regressive tax. If you are wealthy, adding a few dollars of hidden taxes to your purchases is meaningless. But it means a lot to those living near or below poverty levels. (And let us not forget that those who impose the taxes on we the people are members of the wealthy establishment who do not suffer the consequences of their actions. For them it is meaningless.)
So … Biden just passed a 15 percent minimum tax on companies earning more than a billion dollars annually. He says it is not a tax increase – merely a minimum tax. Only Biden would try to sell that crap – just like he calls his so-called Inflation Reduction legislation anti-inflation when the Congressional Budget Office and virtually all economists say it will do nothing to stem inflation. Some say it will increase inflation. Personally, I agree with the latter.
Whatever Biden calls it – or does not call it – the reality remains the same. It is an increase in the cost of doing business – and it will be passed on to the consumers. And if you think that will not affect the little guy, guess again. These billion-dollar corporations Biden is taxing provide a lot of everyday consumer products. Billionaire Warren Buffett owns 65 companies – including GEICO insurance and Dairy Queen. Your next ice cream cone will be paying for Biden’s business tax increase.
When the progressive politicians tell you that they are sparing you from more taxes by sticking it to the corporations, they are lying. If you believe them, you are a … well, you know.
So, there ‘tis.