Study: Biden Tax Hikes Will Cost 1 Million Jobs in First Two Years
Apr 08, 2021 34 secs
President Biden’s tax hike plan would cost the American economy one million lost jobs in the first two years, according to a study from the National Association of Manufacturers.

Zodrow, calculated the effects of increasing the corporate tax rate to 28%, increasing the top marginal tax rate, repealing the 20% pass-through deduction, eliminating certain expensing provisions, and taxing capital gains as ordinary income for individuals earning $1 million or more.

would lose one million jobs in the first two years, GDP would be $117 billion lower by 2023, and ordinary capital, or investments in equipment and structures, would be $80 billion less in 2023.

Unfortunately, what that means is that America will still lose jobs and investment, just not quite as much.


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