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Sunday 10 October 2021 | 2 a.m
The author of the October 6 letter “Higher Taxes Only Drain” attacked my October 1 letter: “Businesses can pay a fair share.” He said my letter suggested that by increasing corporate taxes, the country’s financial problems would be eliminated and the cost of paying taxes would be passed on to customers in the form of higher prices for goods.
With the financial pressure of the pandemic and the long overdue significant cost of repairing infrastructure, no one can predict the financial demands that will be placed on this country.
Instead, I argued for fair and shared fiscal responsibility, and cited Amazon as an example – which, after former President Donald Trump’s exceptional tax cut for businesses, has recorded $ 11 billion in income in 2018 and paid $ 0 in federal taxes. Along with credits and deductions, he received a refund of $ 129 million.
A 2020 study from the London School of Economics, covering 50 years of data from 18 countries, showed that the only significant effect of tax cuts for the rich was to increase income inequality, with little benefit. for unemployment or economic growth.
And why should corporations and the wealthy control this narrative? What happened to being the master of his own destiny? Let people control their own destiny in making their consumption choices. American self-help author Napoleon Hill, best known for his book “Think and Grow Rich,” best said: “You are the master of your destiny. You can influence, direct and control your destiny. You can make your life whatever you want it to be.
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