this post was submitted on 05 Nov 2023
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I agree. Another economic concept is tax incidence, that is the term for who ultimately pays taxes. Conservatives like to pretend that all tax is paid by consumers, but this is a naive/trivial viewpoint because companies cannot set infinitely high prices, so tax may come from profit.
It's true that increased taxes don't always see the full incidence land on profit, but alot of it does because pockets aren't endlessly deep so prices can't be raised to offset all tax. I believe in using windfall taxes to prevent profit driven inflation.
They also like to pretend they care about balanced budgets and monetary supply. Guess what? Taxes both balance the budget AND they evaporate money from circulation, reducing actual inflation. They ignore that because taxes are the ONLY lever that is progressive; where we can spread the pain equitably, asking the wealthy individuals and corporations to pay the largest share. That's a terrible idea /s