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this post was submitted on 19 Aug 2024
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Yes it would be ideal for the government to do all that, I'm just saying that increased corporate tax rates lead to increased reinvesting into the companies themselves which is generally good for workers. Part of them avoiding paying taxes would lead to working at those companies being better because pushing pure profit margins wouldn't be as effective for gathering wealth. There are so many companies where it is downright miserable working for them due to rampant cost cutting to make record breaking profits, so tax the fuck out of those profits and stupid choices like that become less fiscally appealing.
For instance In order to boost profit margins at the end of last year 7 Eleven put a halt to all preventative maintenance. If it is no longer cost effective to do that due to high taxes on those profits that maintenance would have been done which would have seen a higher retention in maintenance staff. (As well as less money spent replacing equipment in 2024)
I'm not saying one change will fix everything, but it's a start.
I understand you now. I've automatically assumed that "reinvest in the company" is just shorthand for stock buybacks lol. I was like wtf how is that good for the average person haha.