President Joe Biden and almost every Democrat says that it is time for Corporations and the Wealthy to pay their fair share of taxes. No one, however, can define what that “fair share of taxes” ought to be. But the real fraud perpetrated against the American people is the idea that corporations pay taxes and should pay more.
With respect to corporations and other business entities, they DO NOT PAY Taxes; they merely are efficient tax collectors. In the February 22, 2014 issue of The Economist, far from a conservative or libertarian magazine, they stated: “The big question is whether it makes sense to tax corporate profits at all. A company is a legal entity; if it is taxed, it must pass it on.”
Corporations do not pay taxes, only individuals pay taxes. When a corporation is taxed, either: (1) the stockholders absorb the tax, through a reduction of dividends and/or company value; (2) employees are penalized, by cancelling raises or bonuses and not hiring new workers; and/or (3) customers pay the tax through an increase in the cost of the products or services purchased from the corporation. Over time, all taxes are ultimately passed on to the customers, whether poor, middle-class, or wealthy.
Contrary to what we hear from the media, academia, and the politicians, it is the middle-class and the poor that suffer from taxes imposed upon corporate profits.
The Economist has even taken the position that “the rich world needs to cut red tape to encourage business.” The cost of government regulation represents another tax or fee ultimately absorbed by the middle-class and the poor. The regulatory and tax environment that exists today, especially under the Biden Administration, keeps the middle-class and poor from being able to start new businesses; they are unable to compete with the entrenched large corporations who have huge armies of attorneys and accountants, which are necessary in today’s over-regulated and over-taxed environment.
Only consumers, workers, and investors pay taxes, not corporations. The corporate income tax and regulatory environment is a hidden stealth tax that negatively impacts poor and middle-class Americans.
The next time a politician, an academic, or a media-type says that corporations are not paying their fair share of taxes, call them out as either ignorant of basic economics, or Liars trying to manipulate the public to accomplish their socialist goals. Socialism and freedom are diametrically opposed to each other; there is no in-between.
If an elected politician wants to tax corporations, he wants to tax you without you knowing about it; vote these hypocrites out-of-office! On November 5, 2024, vote the “Biden Crime Family” out-of-office, along with ALL the ignorant or Lying Democrats who support raising taxes and regulating every aspect of our daily lives.
Dum Spiro Spero—While I breathe, I hope.
Slainte mhath,
Robert (Mike) G. Beard Jr., C.P.A., C.G.M.A., J.D., LL.M.
PS: More money flows into the U.S. Treasury when taxes are lowered, NOT raised… Fact!!!