September 26, 2021 - 9:01 pm
In his Sept. 19 commentary, “So much for promises, promises,” Ira Stoll wrote about President Joe Biden’s repeated promise not to raise taxes on anyone earning less than $400,000 a year. Mr. Biden said, “We’re going to deliver these investments without raising taxes one cent on anyone making less than $400,000 a year.”
Mr Stoll stated that Mr. Biden plans to raise the top income tax bracket to 39.6 percent from 37 percent and the corporate tax to 26.5 percent from 21 percent. Mr. Stoll goes on say that shareholders — including shareholders earning less than $400,00 a year — will be paying this tax. I disagree: Everyone will be paying those taxes.
Corporations pass on taxes as increased prices to consumers. They continue to pay dividends and maintain their profit margins. You and I, along with everyone else, will be paying these taxes. We pay these hidden corporate taxes today. They are hidden in the cost of our goods and services.
Corporate taxes are passed on to consumers. I think Mr. Biden assumes we are too dumb to figure that out.