If passed this will have series consequences. Some of use capital gains to fund the hobby every year.
Record high capital gains taxes in an election year? No chance it passes.
Record high capital gains taxes in an election year? No chance it passes.
Taxes are an operating expense, just like electricity to run a factory. That cost just goes directly into the price. Consumers cover the cost of electricity and taxes and labor and ALL expenses occurring in the production or service.
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Nitwit progressives are too stupid to see this rather obvious truth. The kicker is, proponents of these taxes do know who is really paying. They don't care. They buy power for themselves by redistributing taxpayer money. You don't have to dig too deep into a progressive's personality to see how much they crave power.
There’s the price elasticity of demand to contend with.
The cost of production, including electricity and taxes, is passed on to the consumer. I don't know where anyone else thinks the money comes from. Can cost increases in electricity or taxes reduce demand? Of course. Can a reduction in demand reduce profits. Of course. Nevertheless the entire cost of electricity and taxes and all other expenses are passed onto the consumer -- except in one case, if the company is taking a loss. Now I know many progressives are stupid enough to believe that companies can somehow continue to operate with losses or zero profits. But they are idiots and not much more needs to be said about that view of economics.