If a business is taxed, then its profits will go down (common sense), but people are naturally greedy, which means that the business will try to recuperate its lost income.
It can do this by:
a) Raising prices - in this case, the consumers pay the taxes for the business
b) Laying off workers - in this case, the employees pay the taxes for the business
c) Both a and b - in this case, both the consumers and the employees pay the taxes for the business
No matter how you look at it, prices and unemployment both go up. You don't need a degree in economics to figure this out, it's basic common sense.
It can do this by:
a) Raising prices - in this case, the consumers pay the taxes for the business
b) Laying off workers - in this case, the employees pay the taxes for the business
c) Both a and b - in this case, both the consumers and the employees pay the taxes for the business
No matter how you look at it, prices and unemployment both go up. You don't need a degree in economics to figure this out, it's basic common sense.