Raising taxes on corporations just results in paying higher prices for goods. The consumer (and these nitwit voters) ultimatly pay the higher tax.
RE: Raising taxes on corporations just results in paying higher prices for goods. The consumer (and these nitwit voters) ultimatly pay the higher tax.
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This rule by Frederic Bastiat is not being taught in our schools nowadays ( of course, the contributions of famous gays and lesbians are now given more prominence ).
One of Bastiat’s most important contributions to the field of economics was his admonition to the effect that good economic decisions can be made only by taking into account the “full picture.”
That is, economic truths should be arrived at by observing not only the immediate consequences – that is, benefits or liabilities – of an economic decision, but also by examining the long-term second and third consequences.
Additionally, one must examine the decision’s effect not only on a single group of people (say candlemakers) or a single industry (say candlemaking), but on all people and all industries in the society as a whole.
As Bastiat famously put it, an economist must take into account both “What is Seen and What is Not Seen.” Bastiat’s “rule” was later expounded and developed by Henry Hazlitt in his work Economics in One Lesson, in which Hazlitt borrowed Bastiat’s trenchant “Broken Window Fallacy” and went on to demonstrate how it applies to a wide variety of economic falsehoods.
Sadly, very few people nowadays take the UNSEEN EFFECTS into account.