So, MRC TV released a second video of Peter Schiff’s exploits at the Occupy Wall Street (OWS) protests. Last week, while I had heard the name before, I really had no idea who Peter Schiff was. Now I have a lot of admiration for the man. First, because he has the guts to go down and have a conversation with people who, for the last month, had nothing good to say about the group of people he is self identifying with. Secondly because he has, from what I’ve seen, been able to keep the conversation to devolving to a shouting match. He stays come the entire time and presents his points reasonably and respectfully. Thirdly because, in nearly every respect I can think of, he’s right. For example, corporations don’t pay taxes, ever. So raising taxes on corporations is a futile exercise. Don’t believe me? Here’s how.
How does the business model work? You provide goods and/or services to others for more than it costs you to produce them (if you provided them for what it cost to produce them or less you would go out of business). What goes into what it costs you to produce said goods or services? Well, the costs of materials, the costs of labor (including payroll taxes), keeping the lights on where the company is located, shareholder dividends, etc. What else is included in your company’s operating costs? Taxes. It has to be, because if you don’t count that you go out of business. So if you raise taxes on corporations they have to raise the price of the goods and services they provide, otherwise they go out of business. It’s that simple.
Here’s the video from MRC TV.