Democrats Are Banking on Your Economic Ignorance

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Democrats, Biden administration, they are counting. They are counting, they’re betting the farm that Americans are a bunch of ignoramuses when it comes to economics. They’re betting on it, betting the farm on that right now. Let’s start with corporate taxes. Again, this is an oldie but goodie. Okay, an oldie but goodie for people on the left, the evil corporations there.

and their profits and we’ve got to tax those corporations and tax cuts for corporations and that’s bad and we got to stop that. Okay, okay, first and foremost, okay, again, follow along, follow along. You do need to understand, okay, that a corporate tax is not a tax on a corporation. I’ve said this before, corporation is a tax ID number.

I’ve got one for my business and it’s a logo. Got one of those too. Okay. That’s it. That’s what a corporation is. It’s a tax ID number in a logo. Where does a corporation derive all of its revenues from? That would be from the products that it sells or the services that it provides. So if you are going to tax,

a corporation. What is that corporation going to do? It’s going to raise, it has to price that tax into the products and services that they provide. They don’t have a money tree, okay, in their yard that they pay their taxes with. It’s an expense. Corporate taxes are an expense, like their electric costs are an expense. They’re

Product costs, it’s an expense that they have to pay, which in turn who pays? Again, their customers pay. But yeah, yeah, they’re bringing that back up. The Biden administration wants to up the ante when it comes to corporate tax, wants to bring it up to at least 28%. And if you couple that with state taxes, that would make us the…

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that we were the highest under Obama that would make us the second highest taxing nation among the 38 members of the Organization for Economic Cooperation and Development. Our taxes would be higher than China’s. Taxes would be higher than China’s. Now, let’s talk about what happened in the past. In the past,

Going back, we’ll go back to the Obama administration, corporate taxes at 35%. Not only that, we were taxing corporations twice if they had business overseas. So if they had done business in Europe, then after, let’s say in a certain country in Europe, Italy, they’d have to pay Italy’s corporate tax. And then they’d also have to pay the American corporate tax, unless, of course, they didn’t repatriate that money back to the United States, which a lot of businesses were doing.

They were keeping billions and billions and billions and billions of dollars in profits overseas and investing them overseas. Why? Because if they brought them back to the United States, they’d get whacked upside the head with the tax. So what happened during that point in time as well is that businesses would engineer mergers with companies over in Europe. We lost 33 major corporations over that period of time. Why? Because it was the fiduciary duty.

of that business to its shareholders to lower its tax costs. Basically, our tax policy built Dublin. Yeah, again, built Dublin, I mean, the Irish, we gotta love the United States of America and our high taxes that we had. The amount of businesses that set up shop in Dublin because of Obama’s taxes is insane. What, what, you don’t think the same thing’s gonna happen again?

it is. Of course it is. So again, they’re counting on people’s economic stupidity. Again, as well, this next thing they’re counting on too is you got Senate Democrats last week telling the Justice Department to go, I’ve got those people out there, it’s collusion and price fixing that’s taking place. And they’re doing this with oil. Yep.

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the oil markets out there. They claim they’re raising prices at the pump. They want to do a stop the steel. Okay, corporate greed and alphysians for inflation. Is there any evidence of this at all? No.

None. This is not the first time this has happened. I wrote about this extensively when oil prices went through the roof in the early part of the Bush administration. If you remember back then, you had Maxine Waters threatening to socialize oil companies and take them over. And we wrote an extensive piece about the reasons why oil prices are so high and it’s a global market. But again,

Again, that’s a lot. You need logic and reason. Okay. So listen to this podcast. Okay. You want to remain an ignoramus and blame that? it’s his fault over there. The evil corporation, monopoly man, monopoly man’s making the oil prices go up. No, no, no. was it last month? Elizabeth Warren was blaming, supermarkets for ripping people off.

Again, if you take a look at the profit margins for supermarkets, it’s less than 2%. Again, I’m sure Elizabeth Warren doesn’t know what a profit margin is, but it’s less than 2%. Retailers across the board, I guess Elissa Finley had a great piece in the Wall Street Journal. Again, higher cost of products, labor, energy, rent, insurance.

Food prices at stores have increased 25%. The average grocery workers wages have gone up 33%. Farm product prices are up 32%. And you got the FTC going after big box retailers, whether it be Costco, Walmart, Amazon, because what can those big businesses do? They can negotiate because of the volume that they do, discounts with their suppliers. The left thinks that that’s a bad idea and it’s not fair.

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Okay, so what is that gonna do? If they’re unable to negotiate those lower prices, what are they gonna do? They’re gonna have to raise their prices, costing you more money, basically wrecking the entire big box business model, if you will. yeah, what’s the other one? Yeah, the donkeys introduced the Price Gouging Prevention Act. Almost like the FTC, gonna be able to put…

price controls on food, gasoline and other products, because that’s worked out really well in the past. We made fun of Biden’s strike force that he put in place last March. People, until you come to the realization, okay, that we’ve been banging this drum for a period of time, that inflation is caused due to government spending. It’s government spending. It’s printing of money.

Okay, again, if I have to hear more talk about the Fed and what the Fed is going to do, the Fed can’t do a damn thing about inflation. Okay, right now, where interest rates are, they’re not that high. They’re not that high. Okay, old guys like myself, my first mortgage on my house was about 8%. About 8%, rates were higher back at that, but I get the rates are really not that high. Of course, everybody,

wants them to go down, everybody wants to have cheaper money. I get all that.

I get all that, but you know, unless we control government spending and all the crap that’s taking place in Washington DC and the handouts and the giveaways and the Chips Act and the Inflation Reduction Act and all that, okay, nothing’s gonna change. Again, they are counting on your economic ignorance. Watchdog on wallstreet .com.