Study: Biden Tax Hikes Will Cost 1 Million Jobs in First Two Years

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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.

The study, released Thursday, details the long and short-term damage to the economy inflicted by Biden’s tax hikes and repeals of Trump’s pro-manufacturing policies.

NAM President and CEO Jay Timmons summarized the studies findings:

“After decades of advocating for a tax system that provided competitive rates and modern international tax provisions, manufacturers in America kept our promises following the enactment of the 2017 tax reforms: we raised wages and benefits, we hired more American workers, and we invested in our communities. If we undo those reforms, all of that will be put at significant risk. Manufacturing workers will lose out on jobs, growth and raises. We should be building on that progress, not rolling it back. But the conclusion of this study is inescapable—follow through with tax hikes that give other countries a clear advantage and we’ll see far fewer jobs created in America.”

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Press Releases
Consequences of a Higher Corporate Tax Rate: 1 Million Jobs Lost in First Two Years

Timmons: “America can’t afford that, especially now.”

-One million jobs lost in the first two years;

-By 2023, GDP would be down by $117 billion, by $190 billion in 2026 and by $119 billion in 2031;

-Ordinary capital, or investments in equipment and structures, would be $80 billion less in 2023 and $83 billion and $66 billion less in 2026 and 2031, respectively;

-And more.

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