I constantly hear that any increase in taxes will result in higher retail prices. This is a very common con/Repub refrain which they use to argue for reducing taxes. The question is - does the logic expressed have support in reality?
Using the most recent tax reduction (2017 Trump tax cuts, both personal and corporate) - were prices reduced after that tax cut? Corporations and the wealthy got large tax decreases - what prices were reduced as a result? Name the companies/industries that used the reduction in taxes to lower their prices to the consumer? If consumer prices didn't get lowered, what did the corps and wealthy do with their $2trillion gift?
If there were no reductions in consumer prices does that mean there is no direct correlation between taxes and prices?
Using the most recent tax reduction (2017 Trump tax cuts, both personal and corporate) - were prices reduced after that tax cut? Corporations and the wealthy got large tax decreases - what prices were reduced as a result? Name the companies/industries that used the reduction in taxes to lower their prices to the consumer? If consumer prices didn't get lowered, what did the corps and wealthy do with their $2trillion gift?
If there were no reductions in consumer prices does that mean there is no direct correlation between taxes and prices?
