Letter: Everyone paying for corporate tax

Who pays corporate and business income taxes?

Currently corporations pay up to 36 percent. However, like labor, material, overhead, etc., taxes are a cost. Meaning that whatever taxes they collect and pay eventually are paid by you, the buyer or consumer.

It is currently being considered that the corporate tax rate be reduced from 35 percent to 15 or 20 percent. Using 20 percent, ask the question what that would do to the American economy, or more importantly to the American consumer.

What would American businesses or corporations do with this 15 percent?

They could pocket it and increase their profits. Or, they could use this windfall to invest in new products or expansion. Or, they could reduce prices that would help Americans purchase more goods and services.

In the American economy, we all know that if one competitor reduced its prices the others would be forced to do the same.

While many in America consider that reducing personal income tax rates is the most important, does not reducing corporate tax rates help even more? Especially those who currently pay no income taxes (about 45 percent of wage earners).

Please let U.S. Sens. Tim Scott and Lindsey Graham and U.S. Rep. Mark Sanford know you opinions.

This story was originally published April 3, 2017 at 4:35 PM with the headline "Letter: Everyone paying for corporate tax."