Corporations are conduits. They don’t pay taxes, their shareholders and customers do. From Jon Hall at fmshooter.com:
After automotive giant Ford announced it’s moving a project worth almost $1 billion dollars from Ohio to Mexico, the Biden administration remains silent. In December, Biden vowed to be “the most pro-union President” but has revealed plans of raising the corporate tax rate. Whilst on the surface, an increase might seem of benefit to workers, it’s anything but. The new plant Ford built after Trump lowered the corporate tax rate is now moving to Mexico because of Biden’s tax increase. In the process of the plant moving, workers were laid off leaving scores for the unemployment line.
Biden announced he plans to raise the corporate tax rate from 21% to 28%. Despite corporations now being required to pay more taxes from their revenue once the increase goes into effect, the burden will only fall on the consumer. For instance, McDonald’s – or on a personal level, your favorite local restaurant – gets notice that material costs (supplies have to be ordered through official channels) will be increasing from anywhere between 10 and 30 percent in the near future. How will corporations be accounting for this increase other than raising prices, laying off workers, and cutting hours?