Joe Biden needs, among other things, to take a course in basic economics. He’s said he will raise the corporate tax rate from 21% to 28% because “that will raise a lot of money.” It’s true, but who does he think will pay the increased taxes?
Corporations are beholden to their shareholders to make a profit. The increased taxes at the corporate level will simply be passed to the consumers of the products each corporation manufactures in the form of higher prices for those products. So who really gets their taxes raised?
There is no such thing as a free lunch in a free market system. As a good reference look up economist Milton Friedman’s book “There’s No Such Thing as a Free Lunch.”
Rex Cox Jr.
Harrison City