President Joe Biden’s plan to raise corporate taxes has two hidden consequences. The first is companies will be forced to raise prices to cover the increased expense. Consumers, already reeling from inflation, will face even stiffer price increases.
In reality, there is no such thing as corporate taxes; the burden is simply passed along to the citizenry.
The increased encumbrance on our industry will hamper its ability to compete on the world market.
Presently, we see that Chinese goods dominate sales of hard goods, ranging from baby diapers to solar panels.
Not only will heavy taxation compromise American products cost-wise, it will also pressure research into new areas.
Rather than raising prices further by increasing tariffs to “protect” our businesses, perhaps we should consider doing away with damaging corporate taxes altogether.
Bill Lyons
Santa Clarita
