Who Owns the Money?

by Tom Haughey

The President announced a Christmas gift to the nation that would in due course produce prosperity across the land. The Democrats, in lockstep unison, warned that the new tax reform is a tax cut for the rich and will precipitate Armageddon. Who should one believe?
There is, no doubt, a smidgen of hyperbole on both sides. It should be noted, however, that much of the Democrats’ argument results from their lumping “rich” corporations in with individual taxpayers. IN REALITY, CORPORATIONS DO NOT AND HAVE NEVER PAID TAXES WITH THEIR OWN MONEY. They pay corporate income tax with money they receive from you in exchange for goods or services. You, the individual, are the ultimate source of all taxes. If government increases “their” taxes, they simply pass that expense on to you. If that rise in the price they charge you causes you to buy a cheaper product from some foreign competitor, they lay off workers or go out of business. In either case, you are the loser.

Read the entire story on the e-Edition of our newspaper. http://www.etypeservices.com/Advance%20News%20JournalID455/