Corporate Tax

President Biden’s corporate tax hike plan would harm extraordinary individuals

President Joe Biden’s recent $ 2 trillion corporate tax increase proposal ignores a fact (“What Would Biden’s 6-Ton Budget Do?” May 29): Businesses don’t pay taxes, only people pay . With such an increase, a company can do the following:

Increase prices; To dismiss a employee; Adjust setting; find cheaper foreign suppliers; Reduce wages; refrain from raising wages; ditto, employee benefits; Reduction or cancellation of dividends, which will affect the 401 (k), annuity and profit-sharing plans of shareholders and employees; issue more shares, thereby lowering prices for all shareholders; sell the company; or, if none of the above applies, go out of business.

Note that all of the above apply to people. OPP. QED.

Leon W. Blazey Jr.,

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Leon W. Blazey Jr. is a certified public accountant.

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