President Joe Biden has repeatedly stated that he’s going to raise corporate taxes to pay for his progressive programs.
Biden’s Build Back Better program includes $1.85 trillion in spending and “up to” $1.995 trillion in revenue, including taxes on large corporations and the wealthy.
But who actually pays corporate taxes? Hint: it isn’t the corporations.
Corporations are actually just tax collectors—legal entities that serve to collect taxes on behalf of the corporation’s owners.
The true taxpayers are primarily the company’s shareholders—along with a component from labor—not the corporations that Biden tries to vilify.
When Biden says he’s going to raise taxes on corporations, what he’s really saying is he’s going to raise taxes on you and me.
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