It's Elementary, But Only People Pay ALL Taxes
If there's an imposition of a property tax on your land, who pays the tax? I guarantee you that land does not pay taxes; only people pay taxes. That means a tax on your land is a tax on you. You say, "Williams, that's pretty elementary, isn't it?" But what do you say to a politician or news media people who propose increasing corporate taxes as means to get rich corporations to pay their rightful share of government?
They should be told that they speak nonsense because corporations, like land, do not pay taxes; only people pay taxes. If a tax is levied on a corporation, and if it is to survive, it must raise the price of its product, or lower dividends or lay off workers. In each case, it is people (consumers, workers or shareholders), not some legal fiction called a corporation, who bear the burden of any tax levied on the corporation.
~George Mason economist Walter Williams in yesterday's IBD
2 Comments:
Amen to Walter Williams!
Here in Georgia, state legislators had a strong proposal to phase out state corporate taxes over the next few years. However, the bill's sponsor withdrew it for lack of support, apparently because their was no "evidence" that lower corporate taxes would help anything.
Why don't these legislators read Carpe Diem?
Well the public fell for the line that the point of the stimlus plan is to spend money.
Of course no journalist asked if spending were the only way to stimulate the economy.
The legislators may understand it, but the media isn't going to present it in a way that it'll sell to the public.
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