Higher corporate taxes would also lower dividends to shareholders, thus reducing pension payments for every American who has a retirement plan. A quick math check will show that the amount of Biden's corporate tax increase is about the same as the average corporate dividend payout. So, rather than passing Biden's corporate tax increase on to consumers, some corporations may instead pass that increase on to their stockholders by cutting or eliminating dividend.This will also undermine the value of the stock itself. The biggest losers will be the huge public service pension funds, which will lose both value and income. Of course, fund managers get paid regardless, so Biden's corporate tax increase will mostly be paid for by the millions and millions of working stiffs.
