“As it turns out, if we tax corporations, we’re not just taxing the rich. We’re taxing everybody.” That’s the conclusion of Steven Horwitz in the following video. He explains that a tax on corporations is not the equivalent of a tax on the wealthy; instead individual people will pay these taxes, regardless of wealth. Working people bear the costs of the corporate income tax.
In summarizing the findings of economists, Horwitz says: “So yes, corporations are indeed comprised of people in the sense that it is individuals who ultimately bear the burden of increased corporate taxation. There is an ongoing debate about who bears that burden and how much. But anyone who thinks that taxing corporations means taxing the rich is fooling themselves. It’s us, actual people, who bear the burden of corporate taxation, not the abstract entity called the corporation.”