LETTER: Biden corporate tax hikes will hit consumers
No companies pay income tax. Yes, they “file” taxes as required and “pay” what the tax forms show that needs to be remitted. However, these companies pay no income tax. This statement is true today, yesterday and tomorrow.
Why?
The companies have customers for their goods and services. The “taxes” the companies “pay” are included in their cost of doing business. If various government entities levy additional fees (taxes) on these companies; they pass the cost on to consumers.
The companies get the same or more profit.