Walter Williams is one of the few Three Line Haul-approved professors of economics. Today Dr. Williams reminds us who really pays all those corporate taxes:
"If a tax is levied on a corporation, and if it is to survive, it will have one of three responses, or some combination thereof. One response is to raise the price of its product, so who bears the burden? Another response is to lower dividends; again, who bears the burden? Yet another response is to lay off workers. In each case, it is people, not some legal fiction called a corporation, who bear the burden of the tax."
We all need to understand this concept, and nobody explains it better than Dr. Williams. Click the quote to read the entire article.