Jeffersonian Blog
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.
In 1945, then Chairman of the New York Federal Reserve Bank of New York, Beardsley Ruml, made a speech to the American Bar Association entitled, Taxes for Revenue are Obsolete. According to Ruml, and understood by those familiar with Austrian Economics, the primary purpose of the federal income tax is to redistribute income and wealth; and “in subsidizing or penalizing various industries and economic groups.”
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.”
