Everyone pays corporate taxes

Businesses take investment dollars and use these dollars to buy things (buildings, equipment, raw materials, labor, technology, etc.) in order to sell things (product or service), hopefully, and in the long-term required for survival, to generate profit.

Profit can be distributed to investors as a dividend, or it can be reinvested into the company to grow the company which increases the share price (capital gain.)

Taxes are a cost. Increasing business costs will

• Increase prices,

• Lower wages,

• Lower returns, and/or

• Lower investment. 

Biden is proposing to increase business taxes to 28%

This will result  in lower economic growth. Why any leader of the United States would want to reduce economic growth is unclear. 

Biden is proposing to increase individual capital gain and dividend taxes to 44.8%. This will reduce investment and slow economic growth.

The alternative, which would be better for everyone, would be to reduce or eliminate business taxes, and tax only at the individual level, ideally with a consumption tax. Why tax labor. Why tax investment? We should encourage these.

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