May 7, 2021 - 9:00 pm
I’m not an economist by any stretch, but I truly don’t see how Joe Biden’s “eat the rich” tax strategy to pay for all his pet projects is not — in essence — a trickle-down tax to all of us regular folks.
If the company being taxed is product-driven, you can bet that any tax increases will be recovered by raising the cost of its products, which is an offhand tax to all consumers — including the “less than rich” — who will feel the most economic impact. If the company is in tech or support, the tax increases will likely be recouped in the form of layoffs, salary reduction or stagnation and reduction or loss of benefits. Will “the rich” be worried about layoffs, salary or benefits? No, only the bottom line. Throw in the fact that Mr. Biden’s capital gains tax loophole will allow “the rich” to avoid paying about 90 percent of it and it looks like the same-old in Bidenland.
You may be on board with all of his New Deal and free stuff, but if you think it will all be paid for by corporate taxes and “the rich,” best think again. It will ultimately get paid for by the same people who always get stuck with the bill — you and me.