It sounds so logical to hear the average citizen call for increasing corporate taxes to make for a fairer taxation policy. Unfortunately that system does not work as long as the corporations can raise the prices so that you end up paying the increase.
Who do you think paid the taxes levied on phone companies? Who do you think paid the higher prices at the pump on the taxes to the oil companies? Who do you think pays the real estate taxes? The home owner, the co-op buyer and the renter. Whenever a company's real estate taxes go up, the consumer pays. The mortgage companies, the banks, your cable companies all raise their fees, and the list goes on and on.
Trickle down economics work if you're a corporation. Whatever costs are levied on companies at the top, are trickled down to the consumer at the bottom. But increased profits? They usually go to increased CEO salaries, cash reserves or stock buybacks. The cash rarely trickles down.
The fairest way is to close the loopholes on income tax benefits to incentivize companies spreading their wealth around instead of concentrating it at the top and to eliminate special tax benefits for companies who take their money and jobs out of the country,accounts out of the country.
It is obvious the present tax policy only benefits the wealthy. No matter how much they complain about their tax burden, the disparity between rich and poor keeps growing.
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I don't believe we have to provide an incentive for the corporations to pay their taxes. It should be the law and the incentive should be that they stay out of jail.
As far as price fixing is concerned. If the price is too high, the consumer should just not buy their products. It's time to stop coddling these crooks. And I believe that their days are numbered. Eric Schneiderman has gotten the message. Let's not vote for anyone who lets the corporations get away with murder. It's time for the little guy to use the power of the vote. After all, this IS a democracy still.
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