This segment of What’s Ahead confronts the destructive misunderstanding of profits. Democrats are pushing for a big tax boost on them. Detractors claim profits come at the expense of workers and consumers.
It’s all nonsense. Without profits the economy would wither, as there would be less money for maintaining existing enterprises and for starting new ones. The resultant stagnant economy would be bad for stocks, thereby hurting people’s retirement plans.
Profits tell investors who’s doing well and who isn’t, what products and services people desire and which they don’t.
Attacking profits would diminish people’s opportunities to get ahead, which would hurt those who have the least the most.